Tarragon (TARR) Announces Strong April Promotional Campaign

Tarragon Corporation (Nasdaq: TARR) announced that a special promotional campaign at eleven condominium conversion projects located in Florida and South Carolina generated 194 new orders, representing approximately $33 million in homebuilding sales. Tarragon expects 75 to 80 percent of the contracts to result in closings, most of them by the end of the second quarter.

In the first quarter of 2007 the Company wrote 281 net orders totaling $83.3 million, compared with 461 net orders totaling $105.2 million for the same period in 2006. In the first quarter of 2007 the Company delivered 353 homes representing $82.7 million in sales, compared with 663 deliveries for $156.3 million in the first quarter of 2006.

At the end of the first quarter of 2007, the non-cancelable contractual backlog was $245 million, compared with $376 million at the end of the first quarter of 2006, corresponding to a backlog of 645 and 1,592 homes, respectively.

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