FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
HILTON STEVEN J
   2. Issuer Name and Ticker or Trading Symbol
Meritage Homes CORP [MTH] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
CEO
(Last)
(First)
(Middle)
17851 NORTH 85TH STREET, SUITE 300		 3. Date of Earliest Transaction (Month/Day/Year)
01/29/2007
(Street)

SCOTTSDALE, AZ 85255		 4. If Amendment, Date Original Filed(Month/Day/Year)
01/31/2007		 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
MTH COMMON STOCK (1) $ 42.82 01/29/2007   A   15,032   01/29/2008 01/28/2014 MTH COMMON STOCK 15,032 $ 0 15,032 D  
MTH COMMON STOCK (1) $ 42.82 01/29/2007   A   15,032   01/29/2009 01/28/2014 MTH COMMON STOCK 15,032 $ 0 30,064 D  
MTH COMMON STOCK (1) $ 42.82 01/29/2007   A   15,032   01/29/2010 01/28/2014 MTH COMMON STOCK 15,032 $ 0 45,096 D  
MTH COMMON STOCK (1) $ 42.82 01/29/2007   A   15,032   01/29/2011 01/28/2014 MTH COMMON STOCK 15,032 $ 0 60,128 D  
MTH COMMON STOCK (1) $ 42.82 01/29/2007   A   15,032   01/29/2012 01/28/2014 MTH COMMON STOCK 15,032 $ 0 75,160 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
HILTON STEVEN J
17851 NORTH 85TH STREET
SUITE 300
SCOTTSDALE, AZ 85255		   X     CEO  

Signatures

 /s/ Steven J. Hilton   01/02/2008
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) As previously reported on this Form 4 originally filed by the reporting person on January 31, 2007, the Compensation Committee approved on January 29, 2007 the grant of an option to the reporting person to acquire 90,000 shares of Meritage common stock and a grant of 18,000 shares of restricted stock. The Company has subsequently determined that the option grant exceeded the 2006 Incentive Plans annual calendar limitation on the number of shares that may be granted to any participant by 14,840 shares and such portion of the option grant is, accordingly, null and void.

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