Institutional Investor Research

Founded in 2007 by Institutional Investor Hall of Fame research analyst Ivy Zelman, Zelman & Associates provides extensive macro and company-specific equity research to institutional investors, including stock recommendations and coverage of the apartment REIT, building products, homebuilding, homecenter, mortgage insurance, real estate services, single-family rental and title insurance sectors.

Proprietary Research & Services

  • Highly-respected macro housing research and forecasts
  • Proprietary survey results of industry executives
  • Stock coverage of 8 sectors, 55 companies
  • Invitation to Annual Housing Summit
  • Access to research analysts
  • Dedicated sales coverage
 

Explore Research

CHOOSE A COVERAGE SECTOR:

Select All


Apartments


Building Products


Demographics


Homebuilding


Homecenters


Macro Housing


Mortgage Finance


Real Estate Services


Single-Family Rental

Portfolio Manager Weekly Z-Cap - Refreshed Macro Housing Forecasts; On Track for Another Year of Strong Growth

Jun 23, 2017

Laying a Foundation - An Investor's Guide to Public Builder Analysis

Jun 23, 2017

Invitation Homes - Robust Cash Flow Growth at Attractive Valuation, Upgrading to Buy

Jun 22, 2017

Single-Family Rental Survey - Strong Fundamental Trends Reaffirm Positive REIT Outlook

Jun 22, 2017

Real Estate Broker Survey - Demand Holding Steady at Healthy Levels

Jun 22, 2017

Western Markets Report: Sales Pace Shows Robust Improvement

Jun 21, 2017

Macro Housing Forecasts - On Track for Another Year of Outsized Growth

Jun 21, 2017

Lennar - More Room to Run; Reiterate as Top Pick

Jun 21, 2017

Lennar - Delivering Another Strong Quarter

Jun 20, 2017

Zelman's Weekly Tape Measure - Week of June 19, 2017

Jun 19, 2017

Portfolio Manager Weekly Z-Cap - Proprietary Building Products Survey Points to Healthy Activity

Jun 16, 2017

Building Products Company Takeaways - Thus Far in 2Q17, Trends Tracking Existing Forecasts

Jun 16, 2017

Building Products Survey - May Recovers to Trend Line, Consistently Positive Feedback

Jun 16, 2017

Homecenter Survey - May Solid at 4% Comps Despite Unfavorable Weather

Jun 16, 2017

Metro and Submarket Supply Surveillance - 2Q17-1Q18 Deliveries Onerous for Sell-Rated Apartment REITs

Jun 15, 2017

Mortgage Originator Survey - GSEs Leading the Way to Improve Mortgage Process

Jun 15, 2017

Western Markets Report - Sales Pace Consistent With Prior Year

Jun 14, 2017

Apartment Survey - Revenue Growth Compresses to Weakest of Recovery Thus Far

Jun 14, 2017

KBH and LEN Earnings Preview - Reiterate Buy Rating on Both Stocks

Jun 14, 2017

Zelman's Weekly Tape Measure - Week of June 12, 2017

Jun 12, 2017

Portfolio Manager Weekly Z-Cap - Proprietary Builder Survey Points to Solid, Steady Order Growth, Robust Pricing

Jun 9, 2017

Homebuilding Survey - Order Growth Remains Solid While Price Accelerates Further

Jun 9, 2017

CalAtlantic Group - Updating Estimates, Maintain Buy on Valuation for Patient Investors

Jun 8, 2017

Western Markets Report - Sales Pace Flat From Year Ago, But at Healthy Levels

Jun 7, 2017

Colony Starwood Homes - Adding Scale Through Unique Portfolio Acquisition Concentrated in California

Jun 6, 2017

Preliminary 2016 Birth Data - Overall Births Down Again, but "Good" Births Strong

Jun 6, 2017

D.R. Horton - Forestar Proposal a Compelling Opportunity

Jun 6, 2017

Hovnanian Enterprises - Growth Inflection Pushed Out Again

Jun 5, 2017

Zelman's Weekly Tape Measure - Week of June 5, 2017

Jun 5, 2017

Lennar - Introducing Sum of Parts Valuation; Reiterate as Top Idea

Jun 5, 2017

Five Point Holdings - California Dreamin'

Jun 5, 2017

Portfolio Manager Weekly Z-Cap - Driven by Tight Inventory and Solid Demand, Raised Annual Home Price Appreciation Forecasts

Jun 2, 2017

Jobs and Housing - Willing to Look through Soft May Results

Jun 2, 2017

Hovnanian Enterprises - Cautious View Unchanged Following 2Q17 Results

Jun 2, 2017

Western Markets Report - Sequential Moderation, But Year-Over-Year Growth Continues

Jun 1, 2017

The Art of Measuring Home Prices - Solid Demand, Constrained Supply, Raising Price Forecasts

Jun 1, 2017

Beige Book Breakout - Index Moderates But Still Above 60 on 0-100 Scale

May 31, 2017

American Woodmark - Supported by Favorable Backdrop, Earnings Should Continue to Compound

May 31, 2017

Austin's Apartment Market in Focus - Eroding Fundamentals Concerning, Revenue Poised to Decline

May 31, 2017

American Woodmark - Sales Shortfall More Than Offset By Strong Gross Margin

May 30, 2017

Zelman's Weekly Tape Measure - Week of May 30, 2017

May 30, 2017

Multi-Family Market-Level Forecasts - Heavy Supply Mounting

May 30, 2017

Portfolio Manager Weekly Z-Cap - Adding AVB at Sell to Zelman Top Idea Basket

May 26, 2017

Real Estate Broker Survey - Inventory Getting Worse, a Positive for Homebuilders

May 26, 2017

NVR - Still Best in Class, but Downgrading to Hold on Valuation

May 26, 2017

Zelman Top Idea Basket - Removing KBH at Buy and Adding AVB at Sell

May 26, 2017

American Homes 4 Rent - Lighting the Path to Margin Expansion with Technology

May 25, 2017

Single-Family Rental Survey - Rental Inflation on Pace for Best Year of Recovery

May 25, 2017

Lowe's Companies - Volatility Comes With the Territory

May 25, 2017

Western Markets Report - May on Track to Post Solid Growth

May 24, 2017

Lowe's Companies - Not What We Hoped, but Year Still Intact

May 24, 2017

Toll Brothers - Hitting a Sweet Spot With Consumers

May 23, 2017

Toll Brothers - Another Good Quarter

May 23, 2017

Ranking the Builders - Contacts Shed Light on Local Management Quality

May 22, 2017

Zelman's Weekly Tape Measure - Week of May 22, 2017

May 22, 2017

Portfolio Manager Weekly Z-Cap - A Wealth of Housing Analyses This Week

May 19, 2017

Building Products Company Takeaways - Strong Fundamentals Justify Year-To-Date Stock Performance

May 18, 2017

Turning the Lights on Household Formation - Formations Stable with Dependency on New Construction

May 18, 2017

Building Products Survey - Slower Growth Not Surprising, Fundamentals Still Constructive

May 18, 2017

Western Markets Report - Encouraging Activity as Selling Season Progresses

May 17, 2017

Mortgage Originator Views - Banks Eye Growth, Non-Bank Funding Options Improve

May 17, 2017

Lennar - New Kid on the Apartment Block

May 17, 2017

Recapping MAS & SWK Investor Days - 2017 Guidance Reiterated, Longer-Term Outlook Optimistic

May 17, 2017

Toll Brothers - Concerns Easing, Upgrading to Buy

May 17, 2017

The Home Depot - Sleep Well Owning

May 16, 2017

The Home Depot - Earnings Solidly Above Consensus; Conservative Guidance Stance Maintained

May 16, 2017

Mortgage Originator Survey - Tight Inventory Slows Purchase Application Growth

May 16, 2017

Owens Corning - Cash Flow in Focus With Insulation M&A

May 15, 2017

Zelman's Weekly Tape Measure - Week of May 15, 2017

May 15, 2017

Homecenter Survey - Raising HD, LOW 1Q17 Earnings Estimates by 4-6%

May 15, 2017

Single-Family REIT Update - Impressive Cash Flow Growth Commands Premium Multiple

May 15, 2017

Apartment Survey - A Poor Tone At Start of Peak Leasing

May 15, 2017

Portfolio Manager Weekly Z-Cap - Healthy Builder Trends Continue in April, But Is Price Being Pushed Too Far?

May 12, 2017

Invitation Homes - 1Q17 Results Relatively In Line for First Public Quarter

May 12, 2017

Armstrong Flooring - Persistent Headwinds and High Valuation

May 12, 2017

Homebuilding Survey - Solid Conditions Continue, But is Price Being Pushed Too Hard?

May 12, 2017

Thoughts Post BLD and IBP Earnings - Multi-Year Outlook Intact, Upgrading IBP on Recent Pullback

May 11, 2017

Western Markets Report - Year-Over-Year Growth Resumes

May 10, 2017

William Lyon Homes - Raising Numbers Sharply But Current Valuation Reflects Stronger Outlook

May 10, 2017

MDC Holdings - Struggling to Envision Upside

May 10, 2017

Ply Gem Holdings - Continuing to Deliver on Expectations, Reiterate Buy Given Cheap Valuation

May 10, 2017

William Lyon Homes - Robust Orders the Headline but Moving Pieces in the Quarter

May 9, 2017

MDC Holdings - Strong Earnings; Orders as Expected

May 9, 2017

TopBuild - Across-The-Board Upside in 1Q17, And A Bigger Push on Capital Allocation

May 9, 2017

Colony Starwood Homes - Solid Execution in the Quarter Reflects Fundamental Strength

May 8, 2017

Armstrong Flooring - 1Q17 Better Than Expected, But 2017 Outlook Little Changed

May 8, 2017

Ply Gem Holdings - Solid Upside to 1Q17

May 8, 2017

1Q17 Earnings Wrap-Up for ESNT and NMIH - Adjusting EPS to Reflect Diverging Net Yields

May 8, 2017

RE/MAX Holdings - Awaiting a Better Entry Point

May 8, 2017

Camden Property Trust - Cautious With Risk to Outlook

May 8, 2017

Zelman's Weekly Tape Measure - Week of May 8, 2017

May 8, 2017

Portfolio Manager Weekly Z-Cap - Banking Survey Captures Strong Improvement in AD&C Availability

May 5, 2017

Jobs and Housing - Smoothed Young Adult Job Growth Best in 29 Months

May 5, 2017

Essent Group - Premiums Lower, Market Share Higher

May 5, 2017

Installed Building Products - A Return to Normal Seasonality

May 5, 2017

Fidelity National Financial - Still Has Room to Run

May 5, 2017

Realogy Holdings - All About the Flow Through

May 5, 2017

Beazer Homes - Further Downside Limited; Upgrading to Hold

May 5, 2017

RE/MAX Holdings - Solid Results to Begin the Year

May 5, 2017

American Homes 4 Rent - Revenue Growth Soft, But Margin Expansion Continues

May 4, 2017
View More

Presentation - 2016 Housing Summit

Sep 22, 2016

Preliminary 2015 Birth Data Released - Growth Moderates for Core Ages, But Strong In Isolation

Jun 6, 2016

Urban Supply Catching Up to Multi-Family Sector - Downgrading CPT, EQR and PPS to Sell

May 10, 2016

Macro Housing Forecasts - Consistency for Housing Despite Macro Swings

Mar 18, 2016

Homebuilding Survey - Another Solid Month, Outlook Encouraging

Feb 10, 2016

Homebuilding Survey - A Strong End to the Year

Jan 12, 2016

Presentation - 2015 Housing Summit

Sep 10, 2015

Give the Kids a Break - Young Adults Leaving Home a Strong Housing Tailwind

May 11, 2015

Insuring a Strong Recovery - Our Big Picture View of the Mortgage Insurance Industry

Mar 31, 2015

Taking a Cut from the Trillion Dollar Market - Dissecting the Brokerage Industry

Jan 20, 2015

Macro Housing Forecasts - A Mixture of Positives and Negatives

Dec 9, 2014

History Repeated - Single-Family REITs Through Eyes of Multi-Family Evolution

Nov 10, 2014

A Path to Housing Nirvana with a Bit Less Drama - Initiating Coverage of FNF, FAF and STC at Buy

Oct 21, 2014

2014 Housing Summit Wrap-Up - Flat for Now, But Optimism for the Future

Sep 22, 2014

Presentation - 2014 Housing Summit

Sep 17, 2014

Macro Housing Forecasts - Existing Closings, Mortgage Revisions Positive While Starts Weaker

Sep 4, 2014

Turning the Lights on Household Formation - Data You Can Trust

Aug 11, 2014

Macro Housing Forecasts - Don't Bet Against the Young

Jun 20, 2014

Turning the Lights on Household Formation - Strong Momentum Continued into 1Q14

May 30, 2014

Turning the Lights on Household Formation - A Different Angle Confirms Accelerating Demand

May 5, 2014

Presentation - The Great Unwind - The Recovery of Post-Crisis Mortgage Credit

Apr 16, 2014

The Great Unwind - The Recovery of Post-Crisis Mortgage Credit

Apr 15, 2014

Macro Housing Forecasts - Holding Firm on New Construction, Existing Sales Weaker

Apr 11, 2014

Early Read on Spring Selling Season is Positive - Feedback From Recent Channel Checks...

Jan 27, 2014

Turning Focus to Second Half of Decade - Rolling Out Builder Valuation Framework to 2016

Jan 27, 2014

Macro Housing Forecasts - Reversing 2013 Trend, 2014 A Volume Story Over Price

Dec 13, 2013

Building a Foundation... Sizing Up the Small Caps - Initiating Coverage of TPH, UCP and WCIC at Hold

Oct 22, 2013

Presentation - A Light at the End of the Tunnel - Re-Launching on the Apartment REITs

Oct 15, 2013

A Coiled Demographic Spring - Updating Our Long-Term View of Housing Demand

Oct 14, 2013

A Light at the End of the Tunnel - Re-Launching on the Apartment REITs

Oct 14, 2013

2013 Housing Summit Wrap-Up - Working Overtime in D.C.

Oct 3, 2013

Presentation - 2013 Housing Summit

Sep 24, 2013

The Housing Waterfall - The Powerful Employment Multiplier of Housing

Aug 6, 2013

The New Old Thing - The Economics of Single-Family Rentals

Jan 8, 2013

2012 Housing Summit Wrap-Up - Thematic Discussions Reinforce Bullish Stance on Housing

Oct 8, 2012

Walk This Way - The Multi-Family Industry's Growing Focus on Walkability

Oct 2, 2012

The Shrinking Shadow - Home Prices Respond to Supply-Demand Imbalance

Sep 10, 2012

Shining a Bright Light on the Shadow - Why What's Lurking Doesn't Concern Us

Mar 29, 2012

Putting More Housing Chips on the Table - Raising Fair Values Across Our Coverage Universe

Jan 10, 2012

900 Square Feet Only Goes So Far - Pent-Up Demand for Houses from Apartment Renters is Evident

Nov 10, 2011

2011 Housing Summit Wrap-Up - Digging Through It All in Dallas

Sep 26, 2011

GSE Foreclosure Rental Strategy - An Opportunity Awaits the GSEs to Aid Housing Recovery

Sep 7, 2011

Initiating Coverage of Apartment REITs - Leasing the Apartment REIT Rally

Jun 2, 2011

Leasing the American Dream...For Now - Apartment REIT Macro Analysis

Jun 2, 2011

White Paper or White Noise? - Let the Debates Begin

Feb 14, 2011

Confidence is Contagious - The Consumer's Perception of Housing

Feb 7, 2011

Putting Facts Behind Housing's "Third Rail" - Mortgage Interest Deduction at Risk...

Dec 14, 2010

2010 Housing Summit Wrap-Up - Touching Everything Housing-Related

Sep 28, 2010

Absolutely Bearish But Relatively Bullish - Framing the Housing and Home Improvement Recovery

Sep 16, 2010

A Lost Decade for Housing? - Our View on Long-Term Housing Fundamentals

Aug 5, 2010

Foreclosure Pipeline to Govern Home Price Inflation - A Dialogue with Mortgage Servicers and Policy Officials

May 18, 2010

Spending About More Than Just Turnover - Confidence Trumps Home Sales

Mar 30, 2010

Initiating Coverage of Homecenters - Zelman Steps Into The Big Boxes With Buy Ratings

Nov 11, 2009

2009 Housing Summit Wrap-Up - How Realistic is Cautiously Optimistic?

Oct 1, 2009

Foreclosures Du Jour - Underappreciated For Sure

Sep 9, 2009

Plan Misses the Point Without Principal Reduction

Feb 18, 2009

Foreclosures Presenting Unprecedented Conditions - Lowering Housing Outlook Further

Jan 26, 2009

Housing Stimulus is Inevitable - Can Proposed Plans Cure Housing's Woes?

Oct 27, 2008

Will the Government's Plan Save Housing? - Still Many Uncertainties About Plan Specifics

Sep 22, 2008

2008 Housing Summit Wrap-Up - Market Plagued with Uncertainties

Sep 22, 2008

Wonder-Loans - AD&C Next on Tee

Jun 5, 2008

Building Products Initiation - Building Up to a Tough 2008

Nov 19, 2007

Homebuilding Initiation - Down But Not Out

Oct 2, 2007
View More

Not a Client?

Inquire further about Zelman & Associates' Institutional Investor Research