Meritage Homes Corporation Announces Completion of Exchange Offer for 7.15% Senior Notes Due 2020

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SCOTTSDALE, Ariz., July 1, 2010 (GLOBE NEWSWIRE) -- Meritage Homes Corporation (NYSE:MTH) announced today that it has successfully completed its exchange offer relating to $200 million in aggregate principal amount of the Company's outstanding privately placed 7.15% Senior Notes due 2020 (the "Original Notes"). All Original Notes were validly tendered in the exchange offer, which expired and was completed on June 30, 2010, and the Company issued a like principal amount of its registered 7.15% Senior Notes due 2020 in exchange for all such Original Notes.

This press release does not constitute an offer to purchase any securities or a solicitation of an offer to sell any securities.

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 March 31, 2010, the Company had 149 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. Meritage Homes and its predecessor companies have delivered more than 65,000 homes since the Company was founded in 1985.

In 2010, Meritage is celebrating its 25th Anniversary, and is the only large national homebuilder to be 100% ENERGY STAR(R) qualified in every home started in 2010. The Company has launched a new Simply Smart Series(TM) and a 99-day guaranteed completion program in certain communities. Meritage has designed and built more than 65,000 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

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CONTACT:  Meritage Homes Corporation
          Investor Relations:
          Brent Anderson, Vice President-Investor Relations
            (972) 580-6360
          Corporate Communications:
          Jane Hays, Vice President-Corporate Marketing/ Communications
            (972) 580-6353

Released July 1, 2010