OTHER NEWS - Jan. 17, 1994

Ryland to Target New Market: Ryland Group, the nation’s third-largest home builder, said it will change its focus in California to target entry-level buyers--putting the company in head-to-head competition with Kaufman & Broad Home, the state’s biggest builder. Ryland Chief Executive R. Chad Dreier announced the shift on Friday. Ryland has traditionally built higher-end homes for second- and third-time “move-up” buyers in California. But that market has been hard-hit by the real estate recession. In contrast, Dreier said, there still is “pent-up demand” in California for low-end homes for first-time buyers--the market Kaufman & Broad has successfully targeted. Dreier had been chief financial officer at K&B; until he was lured to Columbia, Md.-based Ryland in November.