UPDATE 2-Ryland posts wider quarterly loss

* Q1 loss $1.76 per share

* Homebuilding revenue fell 35.2 percent to $259 million (Adds orders, closings, background)

NEW YORK, April 29 (Reuters) - Ryland Group (RYL.N) on Wednesday said its quarterly loss widened as charges to write-down the value of inventory and other assets grew.

The home builder posted a loss of $75.3 million, or $1.76 per diluted share, compared with a loss of $29.3 million, or 69 cents per share, a year earlier.

The results included $49.4 million in valuation adjustments, joint venture impairments and write-offs compared with $27.4 million in such charges in the year-earlier quarter.

Homebuilding revenue fell 35.2 percent to $259 million as closings slumped by 32 percent to 1,049 units for the Calabasas, California-based builder.

New orders fell as well to 1,347 units from 2,159 units last year, a decrease of 37.6 percent.

Ryland's results stand in contrast to rivals who recently reported narrower losses, such as Meritage Homes (MTH.N) and KB Home (KBH.N).

However, in late March, Lennar Corp (LEN.N) reported a wider first-quarter loss.

Inconsistency is the rule when write-downs play a decisive role in results. Each company has its own methodology to determine impairment charges for assets declining in value, so those numbers vary from builder to builder and from quarter to quarter.

They have, however, been a hallmark of the U.S. housing downturn, which is about to enter its third year. Home prices in 20 metropolitan areas have fallen 30.7 percent from their 2006 peak, according to the Standard & Poor's/Case-Shiller index.

As home prices fall due to a combination of the current recession and the excess housing supply generated by the boom year's and rampant risky lending, builders must not only lower prices on the homes they are building but acknowledge the decrease in value of their land supply.

(Reporting by Helen Chernikoff; editing by Carol Bishopric, Bernard Orr)