##### 



(BROOKFIELD HOMES LOGO)
    
    NEWS RELEASE
 BROOKFIELD HOMES ANNOUNCES SECOND QUARTER NET NEW ORDERS,
REVISED EARNINGS GUIDANCE AND
NOTICE OF SECOND QUARTER CONFERENCE CALL AND WEBCAST Del Mar, California, July 6, 2004  (BHS: NYSE) Net New Orders Our orders, after cancellations (net new orders) for the quarter ended June
30, 2004 totaled 642 units. This results in an increase of 208 units for the
six months ended June 30, 2004 when compared to the same period in 2003. The
increase is due mainly to continued strong market conditions and a higher
number of active selling communities. A summary by region of the net new orders and active selling communities
follows: Net New Orders
    
    Active Selling CommunitiesThree months ended
    
    Six months ended
    
    Three months endedJune 30
    
    June 30
    
    June 302004
    
    2003
    
    2004
    
    2003
    
    2004
    
    2003San Francisco Bay Area
    
    
    140
    
    
    
    108
    
    
    
    271
    
    
    
    188
    
    
    
    5
    
    
    
    6Southland / Los Angeles
    
    
    136
    
    
    
    98
    
    
    
    276
    
    
    
    159
    
    
    
    5
    
    
    
    4San Diego / Riverside
    
    
    243
    
    
    
    180
    
    
    
    404
    
    
    
    331
    
    
    
    6
    
    
    
    5Northern Virginia
    
    
    123
    
    
    
    193
    
    
    
    258
    
    
    
    323
    
    
    
    14
    
    
    
    14642
    
    
    
    579
    
    
    
    1,209
    
    
    
    1,001
    
    
    
    30
    
    
    
    29
 Revised Earnings Guidance The strength in our year to date net new orders has increased our projected
2004 home closings to 1,850 units from 1,750 units. This, together with
improving margins, has led us to increase our earnings guidance for 2004 to
$131 million detailed as follows:




---



##### 



2004 Earnings Guidance Current
    
    PreviousEstimated net income before taxesCore operations
    
    $
    212
    
    
    $
    177Bulk land sales
    
    
    
    
    
    
    212
    
    
    
    177Taxes
    
    
    (81
    )
    
    
    (67
    )$
    131
    
    
    $
    110Shares outstanding (in millions)
    
    
    31.6
    
    
    
    31.6Earnings per share (diluted)
    
    $
    4.15
    
    
    $
    3.48
 Webcast and Conference Call for Investors and Analysts You are invited to participate in Brookfield Homes Second Quarter Conference
Call on Monday, August 9, 2004 at 11:00 a.m. (ET)to discuss our results and
current business initiatives with members of senior management. Brookfield Homes will release its 2004 second quarter financial results on
Friday, August 6th at approximately 5:00 p.m. (EST), and they will be available
on our website at www.brookfieldhomes.com under Investor Relations  Press
Releases. Our supplemental information package will also be available under
Investor Relations  Financial Reports and Investor Presentations. The
Conference Call will also be Webcast live on our website, where it will be
archived for future reference. To participate in the Conference Call, please dial 416-695-5261 or
1-877-667-7774, toll free in North America, at approximately 10 minutes prior
to the start time. For those unable to participate in the Conference Call, a
taped rebroadcast will also be available until midnight Monday, August 23,
2004. To access this rebroadcast, please call 416-695-6384 or 1-800-293-5517,
toll free in North America and enter the pin code 7552. Brookfield Homes Corporation Brookfield Homes Corporation is a residential homebuilder and land developer,
building homes and developing land in master-planned communities and infill
locations. We design, construct and market single-family and multi-family homes
primarily to move-up and luxury homebuyers. We also develop land for our own
communities and sell lots to other homebuilders. Our portfolio includes over
20,000 lots owned and controlled in the San Francisco Bay Area; Southland / Los
Angeles; San Diego / Riverside; Sacramento and Northern Virginia markets. For
more information, visit the Brookfield Homes website at
www.brookfieldhomes.com. Contact Information: Linda Northwood
Director, Investor Relations
Tel: 858-481-2567
Email: lnorthwood@brookfieldhomes.com 2




---



##### 



* * * * * * * * * * * * * Note: Certain statements in this press release that are not historical facts,
including information concerning projected 2004 home closings and 2004 earnings
guidance and those statements preceded by, followed by, or that include the
words planned, projected, goals, expected, 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. 3