FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person * STENGOS CONSTANTINE   2. Issuer Name and Ticker or Trading Symbol TECHNICAL OLYMPIC USA INC [TOA] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) __X__ Director _____ 10% Owner _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) 4000 HOLLYWOOD BLVD. 3. Date of Earliest Transaction (Month/Day/Year) 01/21/2005 (Street) HOLLYWOOD, FL 33021 4. If Amendment, Date Original Filed(Month/Day/Year) 6. Individual or Joint/Group Filing(Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code (Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date (Month/Day/Year)

7. Title and Amount of Underlying Securities (Instr. 3 and 4)

8. Price of Derivative Security (Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Employee Stock Option

$ 11.45

01/21/2005

G(1)

29,250

01/01/2003

01/01/2013

Common Stock

29,250

$ 0

29,250

D

Employee Stock Option

$ 12.6

01/21/2005

G(1)

45,000

01/01/2003

01/01/2013

Common Stock

45,000

$ 0

45,000

D

Employee Stock Option

$ 13.86

01/21/2005

G(1)

45,000

01/01/2004

01/01/2013

Common Stock

45,000

$ 0

45,000

D

Employee Stock Option

$ 15.24

01/21/2005

G(1)

45,000

01/01/2005

01/01/2013

Common Stock

45,000

$ 0

45,000

D

Employee Stock Option

$ 11.45

01/21/2005

G(1)

60,750

(2)

01/01/2013

Common Stock

60,750

$ 0

60,750

D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
STENGOS CONSTANTINE 4000 HOLLYWOOD BLVD. HOLLYWOOD, FL 33021	X

Signatures

/s/ Patricia M. Petersen, Attorney in Fact		01/24/2005
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	The Reporting Person received the options as a gift from an immediate family member.
(2)	These options fully vest on December 31, 2009. However, these options are subject to accelerated vesting, in accordance with the following schedule, depending on whether and to what extent the Company's common stock price exceeds the average common stock price of a specified peer group at the end of each performance period. 16,808 of 20,250 vested on December 31, 2004 based on the performance period of January 1, 2002 to December 31, 2004. Up to 20,250 may vest on December 31, 2005 based on the performance period of January 1, 2003 to December 31, 2005. Up to 20,250 may vest on December 31, 2006 based on the performance period of January 1, 2004 to December 31, 2006.

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