Exhibit 99.1

M.D.C. HOLDINGS, INC.

NEWS BULLETIN

M.D.C. HOLDINGS, INC.

FOR IMMEDIATE RELEASE
FRIDAY, APRIL 23, 2010

Contact:		Robert N. Martin Investor Relations (720) 977-3431 bob.martin@mdch.com

M.D.C. HOLDINGS ANNOUNCES FIRST QUARTER 2010 RESULTS

	•		Net orders increased 38% to 931 homes
	•		Loss per share improved to $0.45 vs. loss of $0.88 in Q1 2009
	•		Secured control of 2,246 lots in 39 new communities
	•		Closings decreased 10% to 523 homes
	•		Home gross margin increased 700 basis points to 22.4%
	•		Backlog increased 96% to 1,234 homes at 3/31/10

DENVER, Friday, April 23, 2010 — M.D.C. Holdings, Inc. (NYSE: MDC) today reported a net loss for the 2010 first quarter of $20.9 million, or $0.45 per diluted share, compared with a net loss for the 2009 first quarter of $40.9 million, or $0.88 per diluted share. The improvement in operating results was driven primarily by an increase in home gross margin and a decrease in impairments, partially offset by declines in home closings and average selling price.

Management Comments

Larry A. Mizel, MDC’s chairman and chief executive officer, stated, “During the first quarter of 2010, our home orders increased year-over-year for the fourth consecutive quarter. While this trend is encouraging, we remain cautious due to the impending expiration of the federal homebuyer tax credit and depressed overall economic conditions.”

Mizel continued, “We ended the quarter with 1,234 homes in backlog, nearly double that of a year ago. In addition, we positioned our inventory to take advantage of a potential increase in demand resulting from the expiration of the tax credit. Because we have held units at drywall, our buyers now have both the opportunity to personalize their homes and to capitalize on the tax credit, which is currently set to expire at the end of the second quarter.”

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M.D.C. HOLDINGS, INC.

Mizel concluded, “We ended the quarter with $1.78 billion in cash and investments, up 14% since the end of 2009, primarily due to our issuance of $250 million of 10-year senior notes at a 5.625% interest rate and our receipt of a $142 million tax refund. We also made further investments in land assets during the first quarter as we approved the purchase of more than 2,200 lots in 39 new communities and invested a total of $100 million in land acquisition or development activities across our markets. These land investments allowed us to increase our lot supply year-over-year for the first time since the first quarter of 2006.”

Highlights

Net orders for the first quarter ended March 31, 2010 improved to 931 homes with an estimated sales value of $257.7 million, compared with net orders for 676 homes with an estimated sales value of $191.0 million during the same period in 2009. The improvement in net orders is attributable to a 90% increase in the average rate of sales per active community, partially offset by a 27% decline in the average number of active communities. During the first quarter of 2010, the Company’s cancellation rate decreased to 22% compared with 23% during the same period in 2009. We ended the 2010 first quarter with 1,234 homes under contract with an estimated sales value of $381.0 million, compared with a backlog of 629 homes with an estimated sales value of $196.0 million at March 31, 2009.

Total revenue for the first quarter of 2010 was $147.1 million, compared with revenue of $175.9 million for the same period in 2009. The decrease in revenue was primarily driven by a 10% decline in home closings, combined with a 6% year-over-year decrease in average selling price.

Home gross margin during the first quarter of 2010 increased to 22.4% from 15.4% in the first quarter of 2009, primarily due to a reduction in construction costs and interest in cost of sales relative to home sales revenue, partially offset by an increase in land costs relative to home sales revenue.

SG&A decreased to $52.4 million for the quarter ended March 31, 2010, compared with $53.6 million for the same period in the prior year, as an increase in general and administrative expense was more than offset by a decline in selling costs. No asset impairments were incurred during the quarter, compared with $14.6 million incurred in the first quarter of 2009.

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M.D.C. HOLDINGS, INC.

About MDC

Since 1972, MDC’s subsidiary companies have built and financed the American dream for more than 160,000 families. MDC’s commitment to customer satisfaction, quality and value is reflected in each home its subsidiaries build. MDC is one of the largest homebuilders in the United States. Its subsidiaries have homebuilding divisions across the country, including Denver, Colorado Springs, Salt Lake City, Las Vegas, Phoenix, Tucson, California, Northern Virginia, Maryland, Philadelphia/Delaware Valley and Jacksonville. The Company’s subsidiaries also provide mortgage financing, insurance and title services, primarily for Richmond American homebuyers, through HomeAmerican Mortgage Corporation, American Home Insurance Agency, Inc. and American Home Title and Escrow Company, respectively. M.D.C. Holdings, Inc. is traded on the New York Stock Exchange under the symbol “MDC.” For more information, visit www.mdcholdings.com.

Forward-Looking Statements

Certain statements in this release, including statements regarding our business, financial condition, results of operation, cash flows, strategies and prospects, constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among other things, (1) general economic conditions, including changes in consumer confidence, inflation or deflation and employment levels; (2) changes in business conditions experienced by the Company, including cancellation rates, net home orders, home gross margins, and land and home values; (3) changes in interest rates, mortgage lending programs and the availability of credit; (4) the relative stability of debt and equity markets; (5) competition; (6) the availability and cost of land and other raw materials used by the Company in its homebuilding operations; (7) the availability and cost of performance bonds and insurance covering risks associated with our business; (8) shortages and the cost of labor; (9) weather related slowdowns; (10) slow growth initiatives; (11) building moratoria; (12) governmental regulation, including the interpretation of tax, labor and environmental laws; (13) changes in consumer confidence and preferences; (14) terrorist acts and other acts of war; and (15) other factors over which the Company has little or no control. Additional information about the risks and uncertainties applicable to the Company’s business is contained in the Company’s Form 10-Q for the quarter ended March 31, 2010, which is scheduled to be filed with the Securities and Exchange Commission today. All forward-looking statements made in this press release are made as of the date hereof, and the risk that actual results will differ materially from expectations expressed in this press release will increase with the passage of time. The Company undertakes no duty to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. However, any further disclosures made on related subjects in our subsequent filings, releases or presentations should be consulted.

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M.D.C. HOLDINGS, INC.
Consolidated Statements of Operations
(In thousands, except per share amounts)
(Unaudited)

		Three Months
		Ended March 31,
		2010				2009
Revenue
Home sales revenue		$	140,943			$	166,982
Land sales revenue			15				2,618
Other revenue			6,120				6,332
Total Revenue			147,078				175,932
Costs and Expenses
Home cost of sales			109,390				141,325
Land cost of sales			191				1,341
Asset impairments			—				14,569
Marketing expenses			7,060				8,832
Commission expenses			5,129				6,358
General and administrative expenses			40,203				38,381
Other operating expenses			491				265
Related party expenses			9				5
Total Operating Costs and Expenses			162,473				211,076
Loss from Operations			(15,395	)			(35,144	)
Other income (expense)
Interest income			4,428				4,071
Interest expense			(10,374	)			(9,740	)
Gain (loss) on sale of other assets			99				(260	)
Loss before Income Taxes			(21,242	)			(41,073	)
Benefit from income taxes, net			369				220
Net Loss		$	(20,873	)		$	(40,853	)
Loss Per Share
Basic		$	(0.45	)		$	(0.88	)
Diluted		$	(0.45	)		$	(0.88	)
Dividends Declared Per Share		$	0.25			$	0.25

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M.D.C. HOLDINGS, INC.
Consolidated Balance Sheets
(Dollars in thousands, except per share amounts)
(Unaudited)

		March 31,				December 31,
		2010				2009
Assets
Cash and cash equivalents		$	950,139			$	1,234,252
Marketable securities			830,438				327,944
Restricted cash			594				476
Receivables
Home sales receivables			13,013				10,056
Income taxes receivable			3,153				145,144
Other receivables			8,839				5,844
Mortgage loans held-for-sale, net			36,704				62,315
Inventories, net
Housing completed or under construction			399,606				260,324
Land and land under development			277,276				262,860
Property and equipment, net			39,451				38,421
Deferred tax asset, net of valuation allowance			—				—
Related party assets			7,856				7,856
Prepaid expenses and other assets, net			77,656				73,816
Total Assets		$	2,644,725			$	2,429,308
Liabilities
Accounts payable		$	63,855			$	36,087
Accrued liabilities			288,224				291,969
Related party liabilities			103				1,000
Mortgage repurchase facility			4,714				29,115
Senior notes, net			1,242,095				997,991
Total Liabilities			1,598,991				1,356,162
Commitments and Contingencies			—				—
Stockholders’ Equity
Preferred stock, $0.01 par value; 25,000,000 shares authorized; none issued or outstanding			—				—
Common stock, $0.01 par value; 250,000,000 shares authorized; 47,193,000 and 47,140,000 issued and outstanding, respectively, at March 31, 2010 and 47,070,000 and 47,017,000 issued and outstanding, respectively, at December 31, 2009			472				471
Additional paid-in-capital			806,765				802,675
Retained earnings			238,002				270,659
Accumulated other comprehensive income			1,154				—
Treasury stock, at cost; 53,000 shares at March 31, 2010 and December 31, 2009			(659	)			(659	)
Total Stockholders’ Equity			1,045,734				1,073,146
Total Liabilities and Stockholders’ Equity		$	2,644,725			$	2,429,308

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M.D.C. HOLDINGS, INC.
Information on Segments
(Dollars in thousands)
(Unaudited)

		Three Months
		Ended March 31,
		2010				2009
REVENUE
Homebuilding
West		$	57,137			$	74,682
Mountain			46,682				44,117
East			31,505				40,492
Other Homebuilding			9,036				13,683
Total Homebuilding			144,360				172,974
Financial Services and Other			5,621				5,563
Corporate			—				50
Intercompany adjustments			(2,903	)			(2,655	)
Consolidated		$	147,078			$	175,932
(LOSS) INCOME BEFORE INCOME TAXES
Homebuilding
West		$	2,354			$	(10,303	)
Mountain			1,170				(4,811	)
East			(1,519	)			(2,371	)
Other Homebuilding			(519	)			(831	)
Total Homebuilding			1,486				(18,316	)
Financial Services and Other			1,846				1,621
Corporate			(24,574	)			(24,378	)
Consolidated		$	(21,242	)		$	(41,073	)
ASSET IMPAIRMENTS
West		$	—			$	13,067
Mountain			—				254
East			—				750
Other Homebuilding			—				284
Consolidated		$	—			$	14,355

		March 31,				December 31,
		2010				2009
TOTAL ASSETS
Homebuilding
West		$	265,978			$	190,204
Mountain			284,695				237,702
East			147,050				112,964
Other Homebuilding			31,879				26,778
Total Homebuilding			729,602				567,648
Financial Services and Other			107,425				133,957
Corporate			1,810,355				1,773,660
Intercompany adjustments			(2,657	)			(45,957	)
Consolidated		$	2,644,725			$	2,429,308

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M.D.C. HOLDINGS, INC.
Selected Financial Data
(Dollars in thousands)
(Unaudited)

		Three Months
		Ended March 31,								Change
		2010				2009				Amount				%
SELECTED FINANCIAL DATA
General and Administrative Expenses
Homebuilding		$	17,726			$	15,779			$	1,947				12	%
Financial Services and Other			4,088				4,498				(410	)			-9	%
Corporate (1)			18,398				18,109				289				2	%
Total		$	40,212			$	38,386			$	1,826				5	%
SG&A as a % of Home Sales Revenue
Homebuilding Segments			21.2	%			18.5	%			2.7	%
Corporate Segment(1)			13.1	%			10.8	%			2.3	%
Depreciation and Amortization (2)		$	2,932			$	3,893			$	(961	)			-25	%
Home Gross Margins(3)			22.4	%			15.4	%			7.0	%
Interest in Home Cost of Sales as a % of Home Sales Revenue			2.3	%			4.8	%			-2.5	%
Cash Provided by (Used in)
Operating Activities		$	11,516			$	239,493			$	(227,977	)
Investing Activities		$	(501,767	)		$	82,690			$	(584,457	)
Financing Activities		$	206,138			$	(42,280	)		$	248,418
Corporate and Homebuilding Interest
Interest capitalized, beginning of period		$	28,339			$	39,239			$	(10,900	)			-28	%
Interest capitalized, net of interest expense			6,636				4,844				1,792				37	%
Previously capitalized interest included in home cost of sales			(3,202	)			(8,033	)			4,831				-60	%
Interest capitalized, end of period		$	31,773			$	36,050			$	(4,277	)			-12	%

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M.D.C. HOLDINGS, INC.
Selected Financial Data
(Dollars in thousands)
(Unaudited)

		Three Months
		Ended March 31,								Change
		2010				2009				Amount				%
HOMEAMERICAN OPERATING ACTIVITIES
Principal amount of mortgage loans originated		$	108,090			$	126,507			$	(18,417	)			-15	%
Principal amount of mortgage loans brokered		$	2,856			$	12,965			$	(10,109	)			-78	%
Capture Rate			84	%			82	%			2	%
Including brokered loans			86	%			90	%			-4	%
Mortgage products (% of mortgage loans originated)
Fixed rate			95	%			100	%			-5	%
Adjustable rate — other			5	%			0	%			5	%
Prime loans (4)			26	%			42	%			-16	%
Government loans (5)			74	%			58	%			16	%

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M.D.C. HOLDINGS, INC.
Homebuilding Operational Data
(Dollars in thousands)
(Unaudited)

		March 31,				December 31,				March 31,
		2010				2009				2009
HOMES COMPLETED OR UNDER CONSTRUCTION
Unsold Home Under Construction — Final			48				41				293
Unsold Home Under Construction — Frame			675				389				255
Unsold Home Under Construction — Foundation			376				109				100
Total Unsold Homes Under Construction			1,099				539				648
Sold Homes Under Construction			1,002				570				471
Model Homes			210				212				274
Homes Completed or Under Construction			2,311				1,321				1,393
LOTS OWNED (excluding homes completed or under construction)
Arizona			1,040				1,075				1,365
California			756				581				695
Nevada			894				966				1,045
West			2,690				2,622				3,105
Colorado			2,549				2,514				2,523
Utah			366				545				621
Mountain			2,915				3,059				3,144
Delaware Valley			64				82				110
Maryland			94				100				180
Virginia			318				241				227
East			476				423				517
Florida			127				138				242
Illinois			141				141				141
Other Homebuilding			268				279				383
Total			6,349				6,383				7,149

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M.D.C. HOLDINGS, INC.
Homebuilding Operational Data
(Dollars in thousands)
(Unaudited)

		March 31,				December 31,				March 31,
		2010				2009				2009
LOTS CONTROLLED UNDER OPTION
Arizona			482				328				460
California			232				113				149
Nevada			429				222				95
West			1,143				663				704
Colorado			507				537				158
Utah			145				117				—
Mountain			652				654				158
Delaware Valley			—				—				14
Maryland			602				575				350
Virginia			271				192				620
East			873				767				984
Florida			713				500				438
Illinois			—				—				—
Other Homebuilding			713				500				438
Total			3,381				2,584				2,284
NON-REFUNDABLE OPTION DEPOSITS
Cash		$	9,467			$	7,654			$	5,526
Letters of Credit			2,084				2,134				3,257
Total Non-Refundable Option Deposits		$	11,551			$	9,788			$	8,783

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M.D.C. HOLDINGS, INC.
Homebuilding Operational Data
(Dollars in thousands)
(Unaudited)

		Three Months
		Ended March 31,								Change
		2010				2009				Amount				%
HOMES CLOSED (UNITS)
Arizona			108				172				(64	)			-37	%
California			46				59				(13	)			-22	%
Nevada			98				74				24				32	%
West			252				305				(53	)			-17	%
Colorado			108				91				17				19	%
Utah			52				40				12				30	%
Mountain			160				131				29				22	%
Delaware Valley			4				19				(15	)			-79	%
Maryland			26				26				—				0	%
Virginia			40				41				(1	)			-2	%
East			70				86				(16	)			-19	%
Florida			41				49				(8	)			-16	%
Illinois			—				9				(9	)			-100	%
Other Homebuilding			41				58				(17	)			-29	%
Total			523				580				(57	)			-10	%
AVERAGE SELLING PRICES PER HOME CLOSED
Arizona		$	203.7			$	192.6			$	11.1				6	%
California			351.9				398.1				(46.2	)			-12	%
Colorado			299.8				352.3				(52.5	)			-15	%
Delaware Valley			334.1				424.9				(90.8	)			-21	%
Florida			220.3				219.2				1.1				1	%
Illinois			N/A				320.4				N/A				N/A
Maryland			424.5				440.6				(16.1	)			-4	%
Nevada			189.3				203.0				(13.7	)			-7	%
Utah			273.5				298.6				(25.1	)			-8	%
Virginia			477.8				508.5				(30.7	)			-6	%
Company Average		$	269.5			$	287.9			$	(18.4	)			-6	%

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M.D.C. HOLDINGS, INC.
Homebuilding Operational Data
(Dollars in thousands)
(Unaudited)

		Three Months
		Ended March 31,								Change
		2010				2009				Amount				%
ORDERS FOR HOMES, NET (UNITS)
Arizona			168				158				10				6	%
California			26				75				(49	)			-65	%
Nevada			170				95				75				79	%
West			364				328				36				11	%
Colorado			270				134				136				101	%
Utah			125				41				84				205	%
Mountain			395				175				220				126	%
Delaware Valley			14				14				—				0	%
Maryland			33				37				(4	)			-11	%
Virginia			66				56				10				18	%
East			113				107				6				6	%
Florida			59				58				1				2	%
Illinois			—				8				(8	)			-100	%
Other Homebuilding			59				66				(7	)			-11	%
Total			931				676				255				38	%
Estimated Value of Orders for Homes, net		$	257,655			$	191,000			$	66,655				35	%
Estimated Average Selling Price of Orders for Homes, net		$	276.8			$	282.5			$	(5.7	)			-2	%
Cancellation Rate(6)			22	%			23	%			-1	%

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M.D.C. HOLDINGS, INC.
Homebuilding Operational Data
(Dollars in thousands)
(Unaudited)

		March 31,				December 31,				March 31,
		2010				2009				2009
BACKLOG (UNITS)
Arizona			163				103				144
California			56				76				65
Nevada			160				88				74
West			379				267				283
Colorado			369				207				115
Utah			167				94				43
Mountain			536				301				158
Delaware Valley			33				23				22
Maryland			110				103				69
Virginia			99				73				51
East			242				199				142
Florida			77				59				44
Illinois			—				—				2
Other Homebuilding			77				59				46
Total			1,234				826				629
Backlog Estimated Sales Value		$	381,000			$	265,000			$	196,000
Estimated Average Selling Price of Homes in Backlog		$	308.8			$	320.8			$	311.6
ACTIVE SUBDIVISIONS
Arizona			28				28				37
California			3				3				16
Nevada			17				18				23
West			48				49				76
Colorado			41				42				45
Utah			17				16				22
Mountain			58				58				67
Delaware Valley			1				1				2
Maryland			8				8				12
Virginia			7				7				10
East			16				16				24
Florida			10				10				7
Illinois			—				—				1
Other Homebuilding			10				10				8
Total			132				133				175
Average for quarter ended			132				134				182

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