Report Of Independent Auditors

To the Stockholders of
DESARROLLADORA HOMEX, S.A.B. DE C.V

We have audited the accompanying consolidated balance sheets of Desarrolladora Homex, S.A.B. de C.V. and subsidiaries as of December 31, 2010 and 2009 (as restated), and the related consolidated statements of income, changes in equity and cash flows for each of the three years ended December 31, 2010 (2009 and 2008 as restated). These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with auditing standards generally accepted in Mexico. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement and are prepared in conformity with Mexican Financial Reporting Standards. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the financial reporting standards used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the consolidated financial position of Desarrolladora Homex, S.A.B. de C.V. and subsidiaries at December 31, 2010 and 2009 (as restated), and the consolidated results of their operations, changes in equity and cash flows for each of the three years ended December 31, 2010 (2009 and 2008 as restated), in conformity with Mexican Financial Reporting Standards.

As disclosed in Note 3a to the accompanying consolidated financial statements, during 2010, the Company adopted Interpretation to Mexican Financial Reporting Standard (“IMFRS”) 14 Construction, Sales and Services Agreements related to Real Estate. The application of this IMFRS is retrospective in nature; therefore the consolidated financial statements were restated according to the provisions of Mexican Financial Reporting Standard (“MFRS”) B-1 Accounting Changes and Error Corrections. Refer to the above mentioned Note 3a to see the effects. As is also disclosed in Note 3a to the accompanying consolidated financial statements, during 2008, the Company adopted the provisions of MFRS B-2 Statement of Cash Flows, MFRS B-10 Effects of Inflation, MFRS D-3 Employee Benefits, and certain other MFRS; The application of these standards were prospective in nature.

Our audit opinion and the accompanying consolidated financial statements and footnotes have been translated from original Spanish version into English for convenience purposes only.


Mancera, S.C.
Integrante de
Ernst & Young Global