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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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 3YTzmcCo+IIoLYc/xpzPHg==

<SEC-DOCUMENT>0001179110-08-011431.txt : 20080605
<SEC-HEADER>0001179110-08-011431.hdr.sgml : 20080605
<ACCEPTANCE-DATETIME>20080605104216
ACCESSION NUMBER:		0001179110-08-011431
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20080604
FILED AS OF DATE:		20080605
DATE AS OF CHANGE:		20080605

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CLAYTON HOLDINGS INC
		CENTRAL INDEX KEY:			0001325228
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-BUSINESS SERVICES, NEC [7389]
		IRS NUMBER:				202660764

	BUSINESS ADDRESS:	
		STREET 1:		2 CORPORATE DRIVE
		CITY:			SHELTON
		STATE:			CT
		ZIP:			06484
		BUSINESS PHONE:		8884550177

	MAIL ADDRESS:	
		STREET 1:		2 CORPORATE DRIVE
		CITY:			SHELTON
		STATE:			CT
		ZIP:			06484

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CMH HOLDINGS INC
		DATE OF NAME CHANGE:	20050427

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Sonderby Michael M
		CENTRAL INDEX KEY:			0001391712

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-51846
		FILM NUMBER:		08882177

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		(203) 926-5600

	MAIL ADDRESS:	
		STREET 1:		CLAYTON HOLDINGS, INC.
		STREET 2:		2 CORPORATE DRIVE
		CITY:			SHELTON
		STATE:			CT
		ZIP:			06484
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>edgar.xml
<DESCRIPTION>FORM 4 -
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2008-06-04</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001325228</issuerCik>
        <issuerName>CLAYTON HOLDINGS INC</issuerName>
        <issuerTradingSymbol>CLAY</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001391712</rptOwnerCik>
            <rptOwnerName>Sonderby Michael M</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>CLAYTON HOLDINGS, INC.</rptOwnerStreet1>
            <rptOwnerStreet2>2 CORPORATE DRIVE</rptOwnerStreet2>
            <rptOwnerCity>SHELTON</rptOwnerCity>
            <rptOwnerState>CT</rptOwnerState>
            <rptOwnerZipCode>06484</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable></nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Deferred Stock Units</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F1"/>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2008-06-04</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>5000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F2"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F2"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>5000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>5000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Reports the number of deferred stock units granted and credited to the account of Mr. Sonderby on June 4, 2008 pursuant to the Clayton Holdings, Inc. 2006 Stock Option and Incentive Plan.  Each deferred stock unit is the economic equivalent of one share of common stock.</footnote>
        <footnote id="F2">These deferred stock units shall be fully vested on the anniversary date of grant or the date of the 2009 annual meeting of stockholders, whichever is earlier, subject to service on the Company's board of directors on such date.  These deferred stock units will be paid out in the form of shares of common stock upon Mr. Sonderby's retirement or other termination of service as a director of the Company.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Frederick C. Herbst, Attorney-in-Fact</signatureName>
        <signatureDate>2008-06-05</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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