Exhibit 99.1

FOR IMMEDIATE RELEASE

M/I Homes Reports

Third Quarter Results

Columbus, Ohio (October 30, 2008) - M/I Homes, Inc. (NYSE:MHO) announced results for the third quarter and nine months ended September 30, 2008.

The Company reported a pre-tax loss of $58.4 million which was comprised of pre-tax charges totaling $43.5 million for asset impairments and a loss from operations of $14.9 million.  The net loss for the quarter was $58.7 million, or $4.18 per share, and reflects a $21.6 million after-tax expense for the FAS 109 increase in the Company’s deferred tax asset valuation allowance.  In 2007’s third quarter, the Company reported a net loss of $24.2 million, or $1.73 per share, including $32.6 million of asset impairments.

The Company reported a net loss of $175.0 million for the nine-month period ended September 30, 2008, or $12.48 per share, compared to a net loss of $64.5 million, or $4.62 per share, in the same period a year ago.  For the nine-month period ended September 30, 2008, the Company recorded $105.7 million of pre-tax charges for asset impairments.  This compares to pre-tax charges in the same period of 2007 of $101.7 million.  In addition, the Company’s 2008 year-to-date results reflect a $79.6 million after-tax non-cash valuation allowance against its deferred tax assets. 

The Company delivered 555 homes in the third quarter compared to 787 in same period of 2007, a decrease of 29%.  Homes delivered for the nine-month period ended September 30, 2008 decreased 33% to 1,507 from 2,246 in the 2007 comparable period.  New contracts for the 2008 third quarter were 456, down 19% from 2007’s third quarter of 561.  For the nine-month period ended September 30, 2008, new contracts declined 30% to 1,540 from 2,191 in the same 2007 period.  The Company had 138 active communities at September 30, 2008 compared to 159 at September 30, 2007.  The sales value of backlog of homes at September 30, 2008 was $212 million, with backlog units of 781 and an average sales price of $272,000.  The backlog of homes at September 30, 2007 had a sales value of $481 million, with backlog units of 1,468 and an average sales price of $327,000.

Robert H. Schottenstein, Chief Executive Officer and President, commented, “Market conditions in the homebuilding industry continue to be very challenging.  Demand is weak, consumer confidence is at or near an historical low, unemployment is rising and tightened mortgage lending standards, combined with the unprecedented turmoil in the financial markets, have further contributed to very difficult conditions for homebuilders.  We remain in a primarily defensive operating mode – focusing on generating cash, reducing debt levels and expenses – and we have made considerable progress on a number of fronts.  At the end of the third quarter, the outstanding balance on our homebuilding credit facility was reduced to zero, our net debt to capital ratio stood at 32%, and we had cash of $14 million.  At the beginning of 2008, we owned 13,750 lots – at the end of this quarter our owned lot count equaled 9,530 lots, a 31% reduction.  Our shareholders’ equity is $408 million, with no significant debt maturing until 2012.”

Mr. Schottenstein continued, “We believe that our strategy has served us well during these difficult times, always being led by our commitment to customer service and building quality homes in desirable communities.  Homebuilding is a cyclical business and M/I Homes will continue to work diligently in order to be positioned to capitalize on opportunities that will occur when housing conditions improve.”

The Company will broadcast its earnings conference call today at 4:00 p.m. Eastern Time.  To hear the call, log on to the M/I Homes’ website at mihomes.com, click on the “Investors” section of the site, and select “Listen to the Conference Call.”  The call, along with any applicable reconciliation of non-GAAP financial measures, will continue to be available on our website through October 2009.

M/I Homes, Inc. is one of the nation’s leading builders of single-family homes, having delivered over 72,000 homes.  The Company’s homes are marketed and sold under the trade names M/I Homes and Showcase Homes.  The Company has homebuilding operations in Columbus and Cincinnati, Ohio; Chicago, Illinois; Indianapolis, Indiana; Tampa and Orlando, Florida; Charlotte and Raleigh, North Carolina; and the Virginia and Maryland suburbs of Washington, D.C.

Certain statements in this Press Release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  Words such as “expects,” “anticipates,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” variations of such words and similar expressions are intended to identify such forward-looking statements.  These statements involve a number of risks and uncertainties.  Any forward-looking statements that we make herein and in future reports and statements are not guarantees of future performance, and actual results may differ materially from those in such forward-looking statements as a result of various factors relating to the economic environment, interest rates, availability of resources, competition, market concentration, land development activities and various governmental rules and regulations, as more fully discussed in the Risk Factors section in the Company’s Annual Report on Form 10-K for the year ended December 31, 2007, as updated in the Company’s periodic filings on Form 10-Q.  All forward-looking statements made in this Press Release are made as of the date hereof, and the risk that actual results will differ materially from expectations expressed in this Press Release will increase with the passage of time.  The Company undertakes no duty to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.  However, any further disclosures made on related subjects in our subsequent filings, releases or presentations should be consulted.

Contact M/I Homes, Inc.

Phillip G. Creek, Executive Vice President, Chief Financial Officer, (614) 418-8011

Ann Marie W. Hunker, Vice President, Corporate Controller, (614) 418-8225

M/I Homes, Inc. and Subsidiaries

Consolidated Statements of Income

(In thousands, except per share amounts)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2008			2007			2008			2007
Revenue:	$	160,385		$	232,983		$	457,472		$	676,000
Net loss:
Loss from continuing operations (1)	$	(58,655	)	$	(16,805	)	$	(170,055	)	$	(50,165	)
Loss from discontinued operations		-			(4,912	)		(33	)		(9,501	)
Net loss		(58,655	)		(21,717	)		(170,088	)		(59,666	)
Preferred share dividends		-			2,437			4,875			4,875
Net loss to common shareholders	$	(58,655	)	$	(24,154	)	$	(174,963	)	$	(64,541	)
Loss per share:
Basic and Diluted:
Continuing operations	$	(4.18	)	$	(1.38	)	$	(12.48	)	$	(3.94	)
Discontinued operations		-			(0.35	)		-			(0.68	)
Total	$	(4.18	)	$	(1.73	)	$	(12.48	)	$	(4.62	)
Weighted average shares outstanding:
Basic		14,019			13,990			14,014			13,969
Diluted		14,019			13,990			14,014			13,969
(1) For the third and nine months ended September 30, 2008, loss from continuing operations includes a $21.6 and $79.6 million deferred tax asset valuation allowance, respectiverly.

M/I Homes, Inc. and Subsidiaries

Selected Supplemental Financial and Operating Data

(Dollars in thousands)

(Unaudited)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2008			2007			2008			2007
Revenue	$	160,385		$	232,983		$	457,472		$	676,000
Gross margin		(24,280	)		20,858			(41,973	)		55,875
General and administrative expense		17,267			23,719			51,958			70,407
Selling expense		14,726			19,709			41,539			55,647
Operating loss		(56,273	)		(22,570	)		(135,470	)		(70,179	)
Other income		-			-			(5,555	)		-
Interest expense - net		2,150			4,638			8,695			11,426
Loss from continuing operations
before income taxes		(58,423	)		(27,208	)		(138,610	)		(81,605	)
Provision (benefit) for income taxes(2)		232			(10,403	)		31,445			(31,440	)
Loss from continuing operations,
net of income taxes		(58,655	)		(16,805	)		(170,055	)		(50,165	)
Loss from discontinued operations,
net of income taxes		-			(4,912	)		(33	)		(9,501	)
Net loss		(58,655	)		(21,717	)		(170,088	)		(59,666	)
Preferred share dividends		-			2,437			4,875			4,875
Net loss to common shareholders	$	(58,655	)	$	(24,154	)	$	(174,963	)	$	(64,541	)
(2) For the three months ended September 30, 2008, loss from continuting operations includes a $21.6 and $79.6 million deferred tas asset valuation allowanc, respectiverly.
Revenue:
Housing revenue	$	151,491		$	222,228		$	409,222		$	646,257
Land revenue		6,322			6,498			29,966			15,567
Other		-			(552	)		7,131			(780	)
Total homebuilding revenue		157,813			228,174			446,319			661,044
Financial services revenue		2,572			4,809			11,153			14,956
Total revenue	$	160,385		$	232,983		$	457,472		$	676,000
Land, Lot and Investment in
Unconsolidated Subsidiaries
Impairment by Region:
Midwest	$	21,350		$	453		$	34,324		$	7,342
Florida		11,258			17,132			52,750			41,876
Mid-Atlantic		10,558			6,664			17,071			34,355
Continuing operations		43,166			24,249			104,145			83,573
Discontinued operations		-			8,085			-			15,966
Consolidated Total	$	43,166		$	32,334		$	104,145		$	99,539
Abandonments by Region:
Midwest	$	1		$	269		$	26		$	291
Florida		4			-			137			1,828
Mid-Atlantic		351			-			1,405			46
Continuing operations		356			269			1,568			2,165
Discontinued operations		-			-			-			-
Consolidated Total	$	356		$	269		$	1,568		$	2,165

M/I Homes, Inc. and Subsidiaries

Selected Supplemental Financial and Operating Data

(Dollars in thousands)

(Unaudited)

		Three Months Ended						Nine Months Ended
		September 30,						September 30,
		2008			2007			2008			2007
EBITDA (3)	$	(7,803	)	$	9,447		$	(8,359	)	$	41,346
Interest incurred - net of fee amortization	$	4,241		$	8,702		$	14,148		$	26,926
Interest amortized to cost of sales	$	2,845		$	4,013		$	7,871		$	11,049
Depreciation and amortization	$	1,789		$	2,438		$	6,490		$	6,306
Non-cash charges	$	44,188		$	33,307		$	108,138		$	109,333
Cash provided by operating activities	$	16,674		$	11,285		$	126,173		$	73,722
Cash (used in) provided by investing activities	$	(672	)	$	(2,789	)	$	3,384		$	(8,992	)
Cash used in financing activities financing activities	$	(13,772	)	$	(8,359	)	$	(126,720	)	$	(73,761	)
Financial services pre-tax income	$	618		$	2,015		$	4,967		$	6,853
(     (3) Earnings before interest, taxes, depreciation and amortization ("EDITDA") is defined, in accordance with our credit facility, as net income, plus interest expesne (including interest amortized to land and housing costs), income taxes, depreciation, amortization and non-cash charges, minus interest income.
Units:
New contracts:
Continuing operations		456			546			1,540			2,159
Discontinued operations		-			15			-			32
Consolidated total		456			561			1,540			2,191
Homes delivered:
Continuing operations		555			765			1,471			2,189
Discontinued operations		-			22			36			57
Consolidated total		555			787			1,507			2,246
	September 30,
	2008				2007
Consolidated Backlog:
Units		781			1,468
Aggregate sales value (in millions)	$	212		$	481
Average sales price	$	272		$	327

M/I Homes, Inc. and Subsidiaries

Summary Balance Sheet Information

(Unaudited)

	September 30,
	2008			2007
Assets:
Cash/Cash held in escrow	$	14,465		$	21,265
Mortgage loans held for sale		34,695			33,080
Inventory:
Lots, land and land development		357,068			539,723
Land held for sale		2,773			53,410
Homes under construction		227,344			380,471
Other inventory		30,748			45,666
Total Inventory		617,933			1,019,270
Fixed assets - net		31,244			36,792
Investment in unconsolidated joint ventures		22,955			42,725
Income tax receivable		39,457			8,147
Deferred income taxes		-			73,149
Assets from discontinued operations		-			92,139
Other assets		20,743			27,813
Total Assets	$	781,492		$	1,354,380
Liabilities:
Debt –Homebuilding Operations:
Notes payable banks	$	-		$	255,000
Notes payable other		16,481			6,765
Senior notes		199,104			198,848
Total Debt – Homebuilding Operations		215,585			460,613
Note payable bank – financial services operations		25,606			21,700
Total Debt		241,191			482,313
Accounts payable		48,271			95,596
Other liabilities		65,602			94,247
Community development district obligations		11,491			22,963
Obligation for inventory not owned		7,093			7,373
Total Liabilities		373,648			702,492
Stockholders’ Equity		407,844			651,888
Total Liabilities and Stockholders’ Equity	$	781,492		$	1,354,380
Book value per common share	$	21.95		$	39.27
Homebuilding net debt/capital ratio		32	%		40	%

M/I Homes, Inc. and Subsidiaries

Selected Supplemental Financial and Operating Data

	Land Position Summary
	September 30, 2008						September 30, 2007
			Lots						Lots
	Lots		Under				Lots		Under
	Owned		Contract		Total		Owned		Contract		Total
Midwest region		5,429		893		6,322		6,568		515		7,083
Florida region		2,353		56		2,409		7,304		351		7,655
Mid-Atlantic region		1,748		677		2,425		2,474		1,356		3,830
Continuing operations		9,530		1,626		11,156		16,346		2,222		18,568
Discontinued operations		-		-		-		421		-		421
Consolidated total		9,530		1,626		11,156		16,767		2,222		18,989