Exhibit 99.1

meritage homes reports fourth quarter and full year 2010 results

achieved profitability goal for the year, with earnings of $0.22 per share for 2010

fourth quarter 2010 selected results:

•		Reported net loss of $0.9M or $0.03 per diluted share including net tax benefit of $5M, compared to net income of $43M or $1.35 per diluted share in 2009, including a $90M net tax benefit
•		Reduced adjusted pre-tax loss to $0.3M from $8M in the prior year
•		Improved home closing gross margin before impairments by 320 basis points over 2009
•		Increased net sales orders by 15% over the prior year; with sequential growth over the third quarter of 2010

full year 2010 selected results:

•		Generated net income of $7M or $0.22 per diluted share, compared to a net loss of $66M or ($2.12) per diluted share in 2009
•		Reduced net debt-to-capital ratio to 28% from 31% in the prior year
•		Completed the year with $413M cash and short-term investments, and no short-term debt
•		Issued $200M of 7.15% senior notes due in 2020 and retired $195M of notes due in 2014 and 2015

Scottsdale, Ariz. (February 2, 2011) — Meritage Homes Corporation (NYSE: MTH), a leading U.S. homebuilder, today announced fourth quarter results for the period ended December 31, 2010.

Summary Operating Results (unaudited)
(Dollars in thousands, except per share amounts)

		Three Months Ended
		December 31,												Full year Ended December 31,
		2010				2009				%Chg				2010				2009				%Chg
Homes closed (units)			837				1,202				-30	%			3,700				4,039				-8	%
Home closing revenue		$	214,616			$	279,589				-23	%		$	940,406			$	962,797				-2	%
Sales orders (units)			713				621				15	%			3,383				3,853				-12	%
Sales order value		$	174,021			$	162,338				7	%		$	854,687			$	912,301				-6	%
Ending backlog (units)															778				1,095				-29	%
Ending backlog value														$	201,816			$	287,535				-30	%
Net (loss)/income— incl. impairments		$	(895	)		$	43,286				-102	%		$	7,150			$	(66,456	)			111	%
Adjusted pre-tax (loss)/income —excl. impairments and (loss)/gain on early extinguishment of debt		$	(311	)		$	(8,262	)			96	%		$	12,684			$	(35,141	)			136	%
Diluted EPS (including impairments)		$	(0.03	)		$	1.35				-102	%		$	0.22			$	(2.12	)			110	%

MTH 4Q10 and full year results/ 2

fourth quarter operating results

Meritage reported a net loss of $0.9 million or $0.03 per diluted share in the fourth quarter of 2010, compared to net income of $43 million or $1.35 per diluted share in the fourth quarter of 2009. The loss in 2010 included $5 million of impairments offset by a $5 million net tax benefit, while 2009 net income included $39 million of impairments, more than offset by a $90 million net tax benefit. Excluding those items, Meritage reduced its pre-tax loss to $311,000 from $8 million in the prior year.

“We achieved our number one goal for 2010, which was to be profitable for the year,” said Steven J. Hilton, chairman and chief executive officer of Meritage Homes. “Despite lower closing revenue in 2010, we returned to profitability primarily by improving our margins and holding down our overhead expenses.”

Fourth quarter home closing revenue declined 23% year over year, with 30% fewer homes closed in 2010 than in 2009, partially offset by a 10% higher average closing price. Average prices increased to approximately $256,000 in the fourth quarter of 2010, from approximately $233,000 in the fourth quarter of 2009, reflecting a greater percentage of closings in move-up communities and in California, Colorado and Florida, higher-priced areas within Meritage’s markets.

Meritage generated home closing gross profit of $34 million in the fourth quarter 2010 compared to $17 million in 2009, and home closing gross margins of 15.8% and 6.2%, respectively. Excluding the effects of impairments on gross margins, home closing gross margin climbed to 18.1% in the fourth quarter of 2010 from 14.9% in the fourth quarter of 2009.

“We showed a 320 basis point improvement year over year in our home closing gross margin before impairments, as our newer communities continued to produce much higher margins on average than our older communities,” said Mr. Hilton. “Market conditions continued to be challenging following the expiration of the home buyer tax credit in the second quarter of 2010, which put pressure on home prices and margins.”

General and administrative expenses were 28% lower than the same quarter of 2009, largely due to certain expenses — particularly accruals for lease abandonments and discretionary awards — in 2009 that did not recur in the fourth quarter of 2010. Excluding those items, G&A was flat compared to 2009.

full year operating results

Meritage reported net income for the full year of 2010 of $7 million or $0.22 per diluted share, compared to a $66 million net loss in 2009, or ($2.12) per diluted share. Net income in 2010 was reduced by $7 million in pre-tax real estate-related impairment charges and a $3 million loss on extinguishment of debt, partially offset by a $5 million net tax benefit. By comparison, the net loss in 2009 included $129 million of impairments, partially offset by a $9 million gain on extinguishment of debt and a net tax benefit of $88 million. Excluding these items, Meritage produced pre-tax income of $13 million in 2010, compared to a pre-tax loss of $35 million in 2009.

MTH 4Q10 and full year results/ 3

sales

Fourth quarter 2010 net orders for 713 homes were 15% greater than the 621 sales recorded in the prior year, despite 4% fewer average active communities year over year. Sales per community increased 21% in the fourth quarter, to 4.7 sales per community from 3.9 in 2009. The largest sales increases were in Texas with 20% year-over-year growth, and Colorado, with 73% growth.

“We closed a record high 93% of beginning backlog during the fourth quarter, as half of our closings were homes not under contract at the beginning of the quarter,” explained Mr. Hilton. “We ended the year with 29% fewer orders in backlog than we had a year ago, which will make it more challenging to be profitable in the first quarter of 2011. Even so, we expect to be more profitable in 2011 than we were in 2010.”

balance sheet

Meritage generated $33 million positive cash flow from operations for the full year 2010, after using $236 million of cash to purchase approximately 5,800 lots during the year. The Company ended the year with $413 million in cash and cash equivalents, restricted cash and short-term investments, an increase of $21 million over the year-end 2009 total. Meritage’s net debt to total capital ratio improved to 28% at December 31, 2010, from 31% at December 31, 2009.

Meritage put approximately 7,000 lots under contract in 2010, including 63 new communities. At December 31, 2010, Meritage controlled 15,224 lots representing approximately 4.1 years supply based on trailing twelve months closings, compared to a total of 12,906 lots or 3.2 years lot supply at December 31, 2009. Approximately 85% of total lots were owned at year-end 2010, compared to 77% in 2009, and 56% of year-end 2010 lots were purchased in the last two years.

summary

“In a year when market conditions remained very challenging for the homebuilding industry, it was gratifying to return to profitability in 2010, which we believe was the direct result of successfully executing our strategies,” said Mr. Hilton. “We’ve dramatically reduced our lot and construction costs over the last few years, carefully controlled our overhead costs, repositioned our communities to address each of our markets opportunistically, redesigned our homes to be more efficient and appealing, and emerged as the leader in profitable, energy efficient home building.

“Meritage has received several awards for our leadership in advanced green building, including in 2010 the Alliance Home Quality and Performance Leadership award, and the Pubby Award for Community of the Year.” Mr. Hilton continued, “Most recently, Meritage received the 2011 Energy Value Housing Award from the National Association of Homebuilders for our Lyon’s Gate Community located in Gilbert, Arizona, and was also awarded the 2011 People’s Choice Award, recognizing Meritage Homes for voluntarily incorporating energy efficiency in the design, construction & marketing of our homes.

MTH 4Q10 and full year results/ 4

“I believe Meritage is in the best shape it’s ever been — stronger, leaner, faster and more nimble than ever before — and we’re poised to take advantage of opportunities to grow and increase our profitability as the market recovers. I am confident in our strategies and our organization, and optimistic about our prospects for the coming year.”

conference call

Management will host a conference call to discuss these results on February 3, 2011 at 10:00 a.m. Eastern Time (8:00 a.m. Mountain Time.) The call will be webcast by Business-to-Investor, Inc. (B2i), with an accompanying slideshow on the “Investor Relations” page of the Company’s web site at http://investors.meritagehomes.com. For telephone participants, the dial-in number is 877-485-3104 with a passcode of “Meritage”. Participants are encouraged to dial in five minutes before the call begins. A replay of the call will be available after 12:00 p.m. ET, through March 2, 2011 on the website noted above, or by dialing 877-660-6853, and referencing account 356 and passcode 364919.

Contacts:		Investor Relations:
		Brent Anderson
		Vice President-Investor Relation
		(972)580-6360

MTH 4Q10 and full year results/ 5

Meritage Homes Corporation and Subsidiaries
Operating Results
(Unaudited)
(In thousands, except per share data)

		Three Months Ended								Full year Ended
		December 31,								December 31,
		2010				2009				2010				2009
Operating results
Home closing revenue		$	214,616			$	279,589			$	940,406			$	962,797
Land closing revenue			28				6,231				1,250				7,516
Total closing revenue			214,644				285,820				941,656				970,313
Home closing gross profit			34,001				17,244				167,456				18,693
Land closing gross (loss)/profit			(18	)			(14,192	)			240				(14,642	)
Total closing gross profit			33,983				3,052				167,696				4,051
Commissions and other sales costs			(18,346	)			(23,058	)			(76,798	)			(78,683	)
General and administrative expenses			(12,684	)			(17,528	)			(59,784	)			(59,461	)
Interest expense			(8,449	)			(8,016	)			(33,722	)			(36,531	)
(Loss)/gain on extinguishment of debt			—				—				(3,454	)			9,390
Other income/(loss), net			77				(1,447	)			8,546				6,435
(Loss)/income before income taxes			(5,419	)			(46,997	)			2,484				(154,799	)
Benefit for income taxes			4,524				90,283				4,666				88,343
Net (loss)/income		$	(895	)		$	43,286			$	7,150			$	(66,456	)
Earnings/(loss) per share
Basic:
(Loss)/earnings per share		$	(0.03	)		$	1.36			$	0.22			$	(2.12	)
Weighted average shares outstanding			32,127				31,805				32,060				31,350
Diluted:
(Loss)/earnings per share		$	(0.03	)		$	1.35			$	0.22			$	(2.12	)
Weighted average shares outstanding			32,127				32,037				32,322				31,350
Non-GAAP Reconciliations:
Total closing gross profit		$	33,983			$	3,052			$	167,696			$	4,051
Add Real estate-related impairments:
Terminated lot options and land sales			1,047				19,460				1,047				85,679
Impaired projects			3,878				19,273				5,404				40,537
Adjusted closing gross profit		$	38,908			$	41,785			$	174,147			$	130,267
(Loss)/income before income taxes		$	(5,419	)		$	(46,997	)		$	2,484			$	(154,799	)
Add: Real estate-related and joint venture (JV) impairments:
Terminated lot options and land sales			1,047				19,460				1,047				85,679
Impaired projects			3,878				19,273				5,404				40,537
Joint venture impairments			183				2				295				2,832
Loss/(gain) on early extinguishment of debt			—				—				3,454				(9,390	)
Adjusted (loss)/income before income taxes		$	(311	)		$	(8,262	)		$	12,684			$	(35,141	)

MTH 4Q10 and full year results/ 6

Meritage Homes Corporation and Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands)
(unaudited)

		December 31, 2010				December 31, 2009
Assets:
Cash and cash equivalents		$	103,953			$	249,331
Investments and securities			299,345				125,699
Restricted cash			9,344				16,348
Income tax receivable			—				92,509
Other receivables			20,835				22,934
Real estate (1)			738,928				675,037
Investments in unconsolidated entities			10,987				11,882
Deposits on real estate under option or contract			10,359				8,636
Other assets			31,187				40,291
Total assets		$	1,224,938			$	1,242,667
Liabilities:
Accounts payable, accrued liabilities, home sale deposits and other liabilities		$	119,163			$	152,233
Senior notes			479,905				479,134
Senior subordinated notes			125,875				125,875
Total liabilities			724,943				757,242
Total equity			499,995				485,425
Total liabilities and equity		$	1,224,938			$	1,242,667
(1) Real estate — Allocated costs:
Homes under contract under construction		$	96,844			$	114,769
Unsold homes, completed and under construction			86,869				73,442
Model homes			36,966				37,601
Finished homesites and homesites under development			454,718				407,592
Land held for development or sale			63,531				41,633
Total allocated costs		$	738,928			$	675,037

Supplemental Information and Non-GAAP Financial Disclosures (In thousands — unaudited):

		Three Months Ended								As of and for the Full Year Ended
		December 31,								December 31,
		2010				2009				2010				2009
Interest amortized to cost of sales and interest expense			10,805				13,355				45,733				57,795
Depreciation and amortization			1,835				2,296				7,974				8,843
Net debt-to-capital:
Notes payable and other borrowings										$	605,780			$	605,009
Less: cash and cash equivalents, restricted cash, and investments and securities											(412,642	)			(391,378	)
Net debt											193,138				213,631
Stockholders’ equity											499,995				485,425
Capital										$	693,133			$	699,056
Net debt-to-capital											27.9	%			30.6	%

MTH 4Q10 and full year results/ 7

Meritage Homes Corporation and Subsidiaries
Condensed Consolidated Statement of Cash Flows
(In thousands)
(unaudited)

		Three Months Ended								Full year Ended
		December 31,								December 31,
		2010				2009				2010				2009
Net (loss)/income		$	(895	)		$	43,286			$	7,150			$	(66,456	)
Loss/(gain) on early extinguishment of debt			—				—				3,454				(9,390	)
Real-estate related impairments			4,925				38,733				6,451				126,216
Equity in earnings from JVs (including impairments) and distributions of JV earnings, net			616				282				2,020				4,273
Decrease/(increase) in real estate and deposits, net			1,957				13,908				(69,964	)			108,628
Other operating activities			(12,215	)			(69,569	)			83,440				20,803
Net cash (used in)/provided by operating activities			(5,612	)			26,640				32,551				184,074
Net payments to purchase investments and securities			(183,923	)			(125,699	)			(424,639	)			(125,699	)
(Payments)/distribution to fund restricted cash			(396	)			2,256				7,004				(16,348	)
Other financing activities			148,268				(1,307	)			243,120				(3,372	)
Cash used in investing activities			(36,051	)			(124,750	)			(174,515	)			(145,419	)
Proceeds from issuance of new debt			—				—				195,134				—
Debt issuance cost			—				—				(3,067	)			—
Repayments of senior notes			—				—				(197,543	)			—
Proceeds from stock option exercises			292				490				2,062				4,753
Net cash provided by/(used in) financing activities			292				490				(3,414	)			4,753
Net (decrease)/increase in cash			(41,371	)			(97,620	)			(145,378	)			43,408
Beginning cash and cash equivalents			145,324				346,951				249,331				205,923
Ending cash and cash equivalents (1)		$	103,953			$	249,331			$	103,953			$	249,331

MTH 4Q10 and full year results/ 8

Meritage Homes Corporation and Subsidiaries
Operating Data
(Dollars in thousands)
(unaudited)

		For the Three Months Ended December 31,
		2010								2009
		Homes				Value				Homes				Value
Homes Closed:
California			94			$	32,696				130			$	40,155
Nevada			16				3,378				18				3,325
West Region			110				36,074				148				43,480
Arizona			152				36,970				218				45,044
Texas			450				105,205				726				163,344
Colorado			52				16,099				40				11,223
Central Region			654				158,274				984				219,611
Florida			73				20,268				70				16,498
East Region			73				20,268				70				16,498
Total			837			$	214,616				1,202			$	279,589
Homes Ordered:
California			61			$	20,011				63			$	22,921
Nevada			20				4,053				20				3,718
West Region			81				24,064				83				26,639
Arizona			118				29,244				117				26,711
Texas			401				87,258				334				86,563
Colorado			57				17,425				33				9,506
Central Region			576				133,927				484				122,780
Florida			56				16,030				54				12,919
East Region			56				16,030				54				12,919
Total			713			$	174,021				621			$	162,338

MTH 4Q10 and full year results/ 9

Meritage Homes Corporation and Subsidiaries
Operating Data
(Dollars in thousands)
(unaudited)

		For the Full year Ended December 31,
		2010								2009
		Homes				Value				Homes				Value
Homes Closed:
California			417			$	147,194				348			$	116,197
Nevada			81				16,006				130				27,049
West Region			498				163,200				478				143,246
Arizona			700				156,117				781				156,107
Texas			2,028				487,797				2,405				566,879
Colorado			162				48,820				145				44,225
Central Region			2,890				692,734				3,331				767,211
Florida			312				84,472				230				52,340
East Region			312				84,472				230				52,340
Total			3,700			$	940,406				4,039			$	962,797
Homes Ordered:
California			373			$	128,167				350			$	116,609
Nevada			79				15,704				119				23,267
West Region			452				143,871				469				139,876
Arizona			678				155,987				738				146,006
Texas			1,776				417,840				2,233				518,288
Colorado			175				54,328				140				42,416
Central Region			2,629				628,155				3,111				706,710
Florida			302				82,661				273				65,715
East Region			302				82,661				273				65,715
Total			3,383			$	854,687				3,853			$	912,301
Order Backlog:
California			45			$	15,295				89			$	34,322
Nevada			12				2,369				14				2,671
West Region			57				17,664				103				36,993
Arizona			125				31,980				147				32,110
Texas			463				111,607				715				181,564
Colorado			52				16,964				39				11,456
Central Region			640				160,551				901				225,130
Florida			81				23,601				91				25,412
East Region			81				23,601				91				25,412
Total			778			$	201,816				1,095			$	287,535

MTH 4Q10 and full year results/ 10

Meritage Homes Corporation and Subsidiaries
Operating Data
(unaudited)

		Three Months Ended								Three Months Ended
		December 31, 2010								December 31, 2009
		Beg.				End				Beg.				End
Active Communities:
California			13				14				9				7
Nevada			5				4				6				6
West Region			18				18				15				13
Arizona			32				32				28				26
Texas			82				82				102				98
Colorado			8				9				3				6
Central Region			122				123				133				130
Florida			10				10				14				10
East Region			10				10				14				10
Total			150				151				162				153

		Full year Ended								Full year Ended
		December 31, 2010								December 31, 2009
		Beg.				End				Beg.				End
Active Communities:
California			7				14				12				7
Nevada			6				4				12				6
West Region			13				18				24				13
Arizona			26				32				31				26
Texas			98				82				109				98
Colorado			6				9				3				6
Central Region			130				123				143				130
Florida			10				10				11				10
East Region			10				10				11				10
Total			153				151				178				153

MTH 4Q10 and full year results/ 11

About Meritage Homes Corporation

Meritage Homes Corporation is the 9th largest homebuilder in the U.S. based on homes closed. Meritage offers a variety of homes across the Southern and Western states designed to appeal to a wide range of home buyers, including first-time, move-up, luxury and active adult buyers, with base prices starting from under $100,000. As of December 31, 2010, the Company had 151 actively selling communities in 12 metropolitan areas including Houston, Dallas/Ft. Worth, Austin, San Antonio, Phoenix/Scottsdale, Tucson, Las Vegas, Denver, Orlando, and the East Bay/Central Valley and Inland Empire of California.

In 2010, Meritage celebrated its 25th Anniversary, launched a new Simply Smart Series™ of homes and a 99-day guaranteed completion program in certain communities, and is the only large national homebuilder to be 100% ENERGY STAR^® qualified in every home started since January 1, 2010. Meritage has designed and built nearly 70,000 homes in its 25-year history, and has a reputation for its distinctive style, quality construction and positive customer experience. To find a Meritage community near you, go to www.meritagehomes.com.

Meritage Homes is listed on the NYSE under the symbol MTH.

For more information about the Company, visit http://investors.meritagehomes.com

Click here to join our email alert list: http://www.b2i.us/irpass.asp?BzID=1474&to=ea&s=0

The Meritage Homes Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=2624

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include our outlook that it will be more challenging to be profitable in the first quarter of 2011, that we expect to be more profitable in 2011 than we were in 2010, and that we are poised to take advantage of opportunities to grow and increase our profitability as the market recovers. Such statements are based upon preliminary financial and operating data which are subject to finalization by management and review by our independent registered public accountants, as well as the current beliefs and expectations of Company management, and current market conditions, which are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. The Company makes no commitment, and disclaims any duty, to update or revise any forward-looking statements to reflect future events or changes in these expectations.

MTH 4Q10 and full year results/ 12

Meritage’s business is subject to a number of risks and uncertainties, including: weakness in the homebuilding market resulting from the current economic downturn; interest rates and changes in the availability and pricing of residential mortgages; adverse changes in tax laws that benefit our homebuyers; the ability of our potential buyers to sell their existing homes; cancellation rates and home prices in our markets; the adverse effect of slower sales absorption rates; potential write-downs or write-offs of assets, including pre-acquisition costs and deposits; the liquidity of our joint ventures and the ability of our joint venture partners to meet their obligations to us and the joint venture; competition; the success of our strategies in the current homebuilding market and economic environment; construction defect and home warranty claims; our success in prevailing on contested tax positions; the impact of deferred tax valuation allowances and our ability to preserve our operating loss carryforwards; fluctuations in housing demand, and the cost and availability of real estate and other matters that are outside of our control; our ability to obtain performance bonds in connection with our development work; the loss of key personnel; our failure to comply with laws and regulations; the availability and cost of materials and labor; our lack of geographic diversification; inflation in the cost of materials used to construct homes; fluctuations in quarterly operating results; the Company’s financial leverage and level of indebtedness; our ability to take certain actions because of restrictions contained in the indentures for the Company’s senior and senior subordinated notes and our ability to raise additional capital when and if needed; our credit ratings; the impact of future capital raising transactions we may engage in; successful integration of future acquisitions; government regulations and legislative or other initiatives that seek to restrain growth or new housing construction or similar measures; consumer confidence, which can be impacted by economic and other factors such as terrorism, war, or threats thereof and our potential exposure to natural disasters; and other factors identified in documents filed by the Company with the Securities and Exchange Commission, including those set forth in our Form 10-K for the year ended December 31, 2009 under the caption “Risk Factors,” and updated in our most recent Quarterly Report on Form 10-Q, all of which can be found on our website. As a result of these and other factors, the Company’s stock and note prices may fluctuate dramatically.

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