NEW YORK, NY , a leading mixed use developer with a focus on for rent and for sale multifamily housing, today announced that it has filed its quarterly reports on Form 10-Q with the U.S. Securities and Exchange Commission (SEC) for the quarters ended June 30 and September 30, 2007. Tarragon believes that, by filing these quarterly reports today, it is current with all of its SEC periodic reporting requirements and is in compliance with the Nasdaq Marketplace Rules.

As previously announced, the Nasdaq Listing Qualifications Panel granted Tarragon's request to continue to have its common stock listed on the Nasdaq Global Select Market subject to its filing of the reports with the SEC by December 21, 2007.

"We are very pleased that we are now current with our SEC filings, which we believe returns us to compliance with the Nasdaq Marketplace Rules," said Tarragon Chairman and Chief Executive Officer William S. Friedman. "Further to our news release of November 27, we continue to make progress toward addressing our liquidity issues. Since that date we have closed sales on another three properties generating net proceeds of approximately $20 million. The proceeds from these sales have helped us restore financial stability by replenishing our working capital and returning our payables to normal levels."

About Tarragon Corporation

Tarragon Corporation is a leading developer of multifamily housing for rent and for sale. Tarragon's operations are concentrated in the Northeast, Florida, Texas and Tennessee. To learn more about Tarragon Corporation, visit: www.tarragoncorp.com.

Forward-looking Statements

Information in this press release includes "forward-looking statements" made pursuant of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that are based on management's expectations, estimates, projections and assumptions. Words such as "expects," "anticipates," "intends," "estimates," "designed to" and variations of these words and similar expressions are intended to identify forward-looking statements, which include statements regarding compliance with the SEC periodic reporting requirements, the Nasdaq Marketplace Rules and the Nasdaq Listing Qualification Panel's requirements, the expected use of net proceeds of recently closed property sales, Tarragon's financial condition and short-term liquidity needs and the timing of any updates on the progress of restructuring and Tarragon's year-end financial condition. Actual results and the timing of certain events could differ materially from those projected or contemplated by these forward-looking statements due to a number of factors, including Tarragon's ability to complete currently contemplated property sales on acceptable terms and conditions and to identify suitable strategic or financial alternatives in the near-term, the results of negotiations with Tarragon's lenders and other creditors, risks associated with the potential delisting of Tarragon's common stock from the Nasdaq Global Select Market, Tarragon's ability to continue to make the required SEC filings by the deadline set by the Nasdaq Marketplace Rules, conditions in the homebuilding industry, the residential real estate and mortgage markets and the capital and financial markets generally, general economic conditions, interest rates and other risk factors outlined in Tarragon's SEC reports, including its Annual Report on Form 10-K for the year ended December 31, 2006 and any subsequently filed Quarterly Reports on Form 10-Q. Tarragon assumes no responsibility to update forward-looking information contained in this press release.

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Contacts: Broadgate Consultants, LLC Alan H. Oshiki (212) 232-2222 Email Contact Tarragon Corporation William S. Friedman (212) 949-5000 Email Contact

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