Meritage Homes Sets Energy Benchmark With Phoenix-Area Homes, Up to 80% More Energy-Efficient Than Typical Existing Homes

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First of Its Kind in America, Gilbert, AZ Community Offers Latest Energy Technology at No Additional Charge, in Homes Priced From Under $180,000

SCOTTSDALE, Ariz., June 24, 2010 (GLOBE NEWSWIRE) -- Meritage Homes Corporation (NYSE:MTH), one of America's top 10 homebuilders, is proud to announce the opening of its newest community incorporating the latest energy efficient technology in every home at no additional charge to the buyer with prices starting under $180,000. The homes are designed to save homeowners up to 80% on their home utility bills, compared to a typical existing home as published by the U.S. Department of Energy.

While every home started by Meritage since January 1, 2010 exceeds ENERGY STAR(R) qualification requirements and is 20% to 30% more energy efficient than a typical home built to the current International Residential Code, homes in Lyon's Gate were systematically designed from the ground up to go well beyond the energy performance program of any other large-scale community in the nation, realizing scores of synergies from state of the art features such as: 

  --  Advanced solar electric and thermal system -- generates over twice the
      energy per square foot as compared to conventional solar panels;
  --  Meritage high performance wall system -- 3.5 times more energy efficient
      than standard wall assemblies;
  --  Spray foam insulation throughout the home -- seals in air conditioning
      while keeping dirt and pollution out;
  --  An electronic home management system -- allows homeowners to monitor and
      control their home's electrical systems through a smart phone or
      computer from anywhere in the world;
  --  Weather sensing irrigation and water management systems -- comply with
      the EPA's latest WaterSense Program.

Every home will be tested and certified by ResNET certified Energy Inspectors.

Taken together, these features can deliver more than 50% additional energy savings over today's minimum ENERGY STAR qualified home -- up to 80% more energy efficient than a typical existing home -- and have never before been combined by a national homebuilder in large-scale production. Lyon's Gate is the first community of its kind to include all of these energy saving features standard in every home -- at prices competitive with existing homes and affordable for many first time and first move-up buyers.

Homes in Lyon's Gate have also been awarded the SRP PowerWise Homes(TM) seal of approval, which recognizes these homes as more energy efficient than the national ENERGY STAR base home. These homes are tested and inspected under the SRP PowerWise Homes program to ensure that energy-efficiency savings remain in the home, providing energy savings over many years.

"The opening of our Lyon's Gate community is a pivotal event that we believe marks a new era in homebuilding, and is a prototype for future communities. It exemplifies our commitment to energy efficiency, water conservation, sustainability and green building practices," said Steven J. Hilton, chairman and chief executive officer of Meritage Homes. "We continually strive to provide our buyers with the highest level of craftsmanship, versatile home designs and energy efficiency. Our goal is to deliver superior value to our buyers without sacrificing style and comfort. We believe these homes achieve that goal at an entirely new level within the industry."

Homes in Lyon's Gate will range from approximately 1,600 to 3,000 square feet with prices starting in the $170's. There will be eight versatile floor plans to choose from, including four single-level and four two-story options. Upon final completion, the community is slated to have 210 homes. The models are expected to be completed in late June, with a grand opening planned for June 26, 2010. Lyon's Gate is located at Higley and Ray Roads in Gilbert, Arizona.

"This community is the result of cooperation between Meritage and dozens of our partners like GE, PVT Solar, DEMILEC, SRP (Salt River Project) and the Town of Gilbert. Only through our coordinated efforts were we able to develop homes at these prices with all of these features included," he continued. "We intend to expand the use of these features in our other communities and work toward their greater adoption across the industry," said Mr. Hilton.

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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GE (NYSE:GE) is a diversified infrastructure, finance and media company taking on the world's toughest challenges. From aircraft engines and power generation to financial services, health care services and solutions, and television programming, GE operates in more than 100 countries and employs about 300,000 people worldwide. For more information, visit the company's Web site at www.ge.com.

PVT Solar is the creator of the echo(TM) solar system, a complete solar solution that provides electricity to run appliances, generates hot water for washing and bathing, and even helps heat and cool the home. Echo is more efficient than a basic solar electric or "PV" system and enables homeowners to capture and use more of the sun's energy. As a result, echo can help homeowners meet much more of their energy needs.output of a standard PV system. For more information, visit the company's Web site at www.pvtsolar.com.

DEMILEC (USA) LLC is a manufacturer and distributor of a line of energy efficient spray in place foam insulation products that include environmentally responsible products and brands such as SEALECTION(R) 500, SEALECTION Agribalance(R) and HEAT-LOK SOY(R). DEMILEC (USA) LLC provides its products to over 800 authorized contractors located in over 20 countries. For more information, visit the company's Web site at www.DemilecUSA.com.

Salt River Project (SRP) is the third-largest public power utility in the country and serves more than 935,000 electric customers through a variety of resources, including solar, wind, biomass, geothermal hydroelectricity, natural gas, coal and nuclear. SRP is also the largest supplier of raw water in the greater Phoenix metropolitan area, normally delivering more than 1 million acre-feet annually. For more information, visit www.srpnet.com.

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include those regarding estimated energy savings, Meritage's plans for development of Lyon's Gate and other communities, and its use of specific features within those communities, as well as their acceptance and adoption within the industry. Such statements are based upon the current beliefs and expectations of Company management and current market conditions, which are subject to significant risks and uncertainties set forth in our Form 10-K for the year ended December 31, 2009, under the caption "Risk Factors," and updated in our subsequent Quarterly Reports on Form 10-Q. As a result of these and other factors, actual results may differ from those set forth in the forward-looking statements, and the Company's stock and securities prices may fluctuate dramatically. 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. 

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

          MG Public Relations
          Press:
          Mary Garrett
          (602) 432-2010
          www.mgpublicrelations.com

Released June 24, 2010