Ryland Announces Range of Anticipated Tax Benefit for Fourth Quarter of 2009

CALABASAS, Calif.--(Business Wire)--
On November 6, 2009, President Obama signed into law The Worker, Homeownership,
and Business Assistance Act of 2009. The Act permits the Company to carryback
its anticipated 2009 net operating loss to previously profitable years that were
not available to the Company for carryback prior to its enactment. In light of
the new tax legislation, the Company plans to book a tax benefit in the fourth
quarter for the full year 2009 and anticipates receiving a federal income tax
cash refund of approximately $80.0 million to $120.0 million during the first
quarter of 2010.

Headquartered in Southern California, Ryland is one of the nation`s largest
homebuilders and a leading mortgage-finance company. Since its founding in 1967,
Ryland has built more than 285,000 homes and financed more than 240,000
mortgages. The Company currently operates in 15 states and 19 homebuilding
divisions across the country and is listed on the New York Stock Exchange under
the symbol "RYL." For more information, please visit www.ryland.com.

Note: Certain statements in this press release may be regarded as
"forward-looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995, and may qualify for the safe harbor provided for
in Section 21E of the Securities Exchange Act of 1934, as amended. These
forward-looking statements represent the Company`s expectations and beliefs
concerning future events, and no assurance can be given that the future results
described in this press release will be achieved. These forward-looking
statements can generally be identified by the use of statements that include
words such as "anticipate," "believe," "could," "estimate," "expect," "foresee,"
"goal," "intend," "likely," "may," "plan," "project," "should," "target," "will"
or other similar words or phrases. All forward-looking statements contained
herein are based upon information available to the Company on the date of this
press release. Except as may be required under applicable law, the Company does
not undertake any obligation to update or revise any forward-looking statements,
whether as a result of new information, future events, or otherwise.

These forward-looking statements are subject to risks, uncertainties and other
factors, many of which are outside of the Company`s control, that could cause
actual results to differ materially from the results discussed in the
forward-looking statements. The factors and assumptions upon which any
forward-looking statements herein are based are subject to risks and
uncertainties which include, among others:

* economic changes nationally or in the Company`s local markets, including
volatility and increases in interest rates, the impact of government stimulus
plans, inflation, changes in consumer demand and confidence levels and the state
of the market for homes in general;
* instability and uncertainty in the mortgage lending market, including
revisions to underwriting standards for borrowers;
* the availability and cost of land and the future value of land held or under
development;
* increased land development costs on projects under development;
* shortages of skilled labor or raw materials used in the production of houses;
* increased prices for labor, land and raw materials used in the production of
houses;
* increased competition;
* failure to anticipate or react to changing consumer preferences in home
design;
* increased costs and delays in land development or home construction resulting
from adverse weather conditions;
* potential delays or increased costs in obtaining necessary permits as a result
of changes to laws, regulations, or governmental policies (including those that
affect zoning, density, building standards and the environment);
* delays in obtaining approvals from applicable regulatory agencies and others
in connection with the Company`s communities and land activities;
* changes in the Company`s effective tax rate and assumptions and valuations
related to its tax accounts;
* the risk factors set forth in the Company`s most recent Annual Report on Form
10-K; and
* other factors over which the Company has little or no control.

The Ryland Group, Inc.
Drew Mackintosh, Vice President, Investor Relations
(818) 223-7548

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