85974--2/25/2009--RYLAND_GROUP

related topics

{condition, economic, financial}

{gas, price, oil}

{operation, natural, condition}

{cost, regulation, environmental}

{tax, income, asset}

{competitive, industry, competition}

{control, financial, internal}

{capital, credit, financial}

The homebuilding industry is cyclical in nature and has experienced downturns, which have in the past and may in the future cause the Company to incur losses in financial and operating results. Because almost all of the Company's homebuyers finance the purchase of their homes, the terms and availability of mortgage financing can affect the demand for and the ability to complete the purchase of a home as well as the Company's future operating and financial results. The Company is subject to inventory risk for its land, options for land, building lots and housing inventory. Construction costs can fluctuate and impact the Company's margins. Fluctuations in interest rates can affect the Company's business and profitability. Because the homebuilding industry is competitive, the business practices of other homebuilders can have an impact on the Company's financial results and cause these results to decline. Because the Company's business is subject to various regulatory and environmental limitations, it may not be able to conduct its business as planned. The Company's ability to grow the business and operations of the Company depends to a significant degree upon the Company's ability to access capital on favorable terms. Natural disasters may have a significant impact on the Company's business. The Company's net operating loss carryforwards could be substantially limited if it experiences an ownership change as defined in the Internal Revenue Code. Because this report contains forward-looking statements, it may not prove to be accurate.

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85974--2/25/2009--RYLAND_GROUP_INC