BHS Brookfield Homes Corp

Brookfield Homes Corporation ("Brookfield Homes") (NYSE: BHS) today announced net new orders and financial results for the quarter ended March 31, 2010:

Three Months Ended Mar. 31
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Unit Activity                                              2010         2009
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Net new home orders                                         158          153
Home closings                                                81           74
Backlog of homes (units at end of
period)                                                    264          213
Average home selling price                            $ 531,000    $ 483,000
Lot sales to homebuilders                                    71          157
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(i) Unit information includes unconsolidated entities

--  Net new orders for the three months ended March 31, 2010 were 158 units,
up marginally when compared to the three months ended March 31, 2009.

--  Home closings increased by 9% during the three months ended March 31,
2010 in comparison to the same period in 2009, which was enhanced by an
increase in the company's average selling price of homes delivered to
$531,000 from $483,000 during the same period last year.


Results of Operations                            Three Months Ended Mar. 31
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(Millions, except per share amounts)                    2010           2009
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Total revenue                                       $      46     $      37
Housing revenue                                            42            35
Impairment of housing and land inventory and
write-offs of option deposits                              -             4
Gross margin                                                7             -
Impairment of investments in unconsolidated
entities                                                   -            12
Net loss attributable to Brookfield Homes
Corporation                                               (3)          (10)
Loss per share - diluted                            $   (0.27)    $   (0.39)
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--  Revenue for the three months ended March 31, 2010 totaled $46 million,
compared to $37 million for the three months ended March 31, 2009. The
increase in revenue is a result of both an increase in homes closed and
average selling price during the first quarter of 2010.

--  The company did not record any impairments during the three months ended
March 31, 2010, compared to $16 million for the same period in 2009.

--  Net loss attributable to Brookfield Homes for the three months ended
March 31, 2010 was $3 million or $0.27 per share, compared to a net loss
of $10 million or $0.39 per share for the three months ended March 31,
2009.



Operating Highlights and Recent Developments

--  For the three months ended March 31, 2010, the company continued with
its goal to entitle a total of 1,500 lots in 2009 and 2010 having
entitled 1,061 lots in 2009 and 281 lots during the first quarter of
2010.

--  Brookfield Homes currently sells from 24 active communities compared to
30 at March 31, 2009.

--  At March 31, 2010, the company owned or controlled 24,077 lots, similar
to the prior quarter ended December 31, 2009.

--  A summary of lots owned or controlled under option, by region, follows:


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South-     San
North-      land   Diego   Wash-   Corp-
ern         /       /  ington   orate
Cali-       Los  River-    D.C.     and
fornia   Angeles    side    Area   Other   Total
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Lot supply
Owned Directly               757       967   6,731   2,162     199  10,816
Unconsolidated Entities        -       254      52   1,416      58   1,780
Options
- Consolidated            1,232         -   2,000       -       -   3,232
- Unconsolidated          4,950     2,016       -   1,283       -   8,249
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Total lot supply - Mar/10   6,939     3,237   8,783   4,861     257  24,077
Geographic diversification
of lots - Mar/10              29%       13%     37%     20%      1%    100%
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Total lot supply - Dec/09   6,951     3,262   8,853   4,916     263  24,245
Geographic diversification
of lots - Dec/09              29%       13%     37%     20%      1%    100%
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Outlook

Brookfield Homes is encouraged by the improvement in first quarter sales and closings. However, it is anticipated that markets will continue to be affected by high levels of home foreclosures until unemployment levels stabilize. On the other hand, the supply of finished lots has been depleted substantially over the last few years and negligible development has occurred since 2006. As a result, owning entitled and/or developed lots in supply-constrained markets, places the company in a strong position as the markets improve.

Brookfield Homes will continue in 2010 to balance the signs of improvement in its markets with the current and potential challenges the housing industry may continue to face. The company's goals for 2010 include:

--  Continue to monetize the company's inventory, targeting $90 million of
net cash from operating activities.

--  Increase lots controlled in certain strategic market areas.

--  Continue to improve overall gross margins as capital is invested in new
homebuilding communities.

--  Continue to meet the challenges presented in the market and position
Brookfield Homes to return to profitability.

Brookfield Homes Corporation

Brookfield Homes Corporation is a land developer and homebuilder. We entitle and develop land for our own communities and sell lots to third parties. We also design, construct and market single-family and multi-family homes primarily to move-up homebuyers. Our portfolio includes over 24,000 lots owned and controlled in the Northern California; Southland / Los Angeles; San Diego / Riverside; and Washington D.C. Area markets.

Note: Certain statements in this press release that are not historical facts, including information concerning possible or assumed future results of operations of the company, the company's 2010 outlook, the company's 2010 goals, value creation, targeted 2010 operating cash flow, the entitlement and monetization of lots (and the timing thereof), the company's future outlook and growth plans including acquisitions and lots controlled, and those statements preceded by, followed by, or that include the words "believe", "planned", "anticipate", "should", "goals", "expected", "potential," "estimate," "targeted," "scheduled" or similar expressions, constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Undue reliance should not be placed on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, which may cause the actual results to differ materially from the anticipated future results expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from those set forward in the forward-looking statements include, but are not limited to: changes in general economic, real estate and other conditions; mortgage rate changes; availability of suitable undeveloped land at acceptable prices; adverse legislation or regulation; ability to obtain necessary permits and approvals for the development of our land; availability of labor or materials or increases in their costs; ability to develop and market our master-planned communities successfully; confidence levels of consumers; ability to raise capital on favorable terms; adverse weather conditions and natural disasters; relations with the residents of our communities; risks associated with increased insurance costs or unavailability of adequate coverage and ability to obtain surety bonds; competitive conditions in the homebuilding industry, including product and pricing pressures; and additional risks and uncertainties referred to in our Form 10-K and other SEC filings, many of which are beyond our control. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.

Brookfield Homes Corporation
Consolidated Statements of Operations

Three Months Ended March 31
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(thousands, except per share amounts)
(unaudited)                                             2010          2009
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Revenue
Housing                                          $   41,765    $   35,361
Land                                                  3,666         1,818
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Total revenue                                          45,431        37,179
Direct cost of sales
Housing                                             (35,819)      (31,640)
Land                                                 (2,887)       (1,652)
Impairment of housing and land inventory and
write-off of option deposits                               -        (3,900)
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6,725            (13)
Selling, general and administrative expense           (12,501)      (11,729)
Equity in earnings from unconsolidated
entities                                                 686         2,359
Impairment of investments in unconsolidated
entities                                                   -       (11,618)
Other income / (expense)                                 (219)        2,445
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Loss before income taxes                               (5,309)      (18,556)
Income tax recovery                                     1,718         6,319
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Net loss                                               (3,591)      (12,237)
Less net loss attributable to non-controlling
interest and other interests in consolidated
subsidiaries                                             788         1,928
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Net loss attributable to Brookfield Homes
Corporation                                       $   (2,803)   $  (10,309)
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Loss per common share attributable to
Brookfield Homes Corporation
Basic                                            $    (0.27)   $    (0.39)
Diluted                                          $    (0.27)   $    (0.39)

Weighted average common shares outstanding (in
thousands)
Basic                                                28,406        26,769
Diluted                                              28,406        26,769

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Brookfield Homes Corporation
Condensed Consolidated Balance Sheets

As at
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(thousands)(unaudited)                    March 31, 2010   December 31, 2009
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Assets
Housing and land inventory                   $   815,017       $     809,829
Investments in unconsolidated entities            95,921              92,477
Consolidated land inventory not owned             25,386              25,434
Receivables and other assets                      26,609              61,744
Restricted cash                                    7,485               7,485
Deferred income taxes                             39,027              40,112
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$ 1,009,445       $   1,037,081
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Liabilities and Equity
Project specific financings                  $   240,446       $     231,567
Revolving and other financings                   125,000             150,000
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Total financings                                 365,446             381,567
Accounts payable and other liabilities           117,134             122,190
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Total liabilities                                482,580             503,757
Other interests in consolidated
subsidiaries                                     43,194              47,011
Total equity                                     483,671             486,313
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$ 1,009,445       $   1,037,081
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Contacts: Brookfield Homes Corporation Linda Northwood Director, Investor Relations 858-481-2567 lnorthwood@brookfieldhomes.com