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
 

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Apartments


Building Products


Demographics


Homebuilding


Homecenters


Macro Housing


Mortgage Finance


Real Estate Services


Single-Family Rental

Apartment Survey - Rental Trends Remain Solid, Tracking Typical Seasonality

Dec 13, 2018

Western Markets Report - A Step Back

Dec 12, 2018

Homebuilding Survey - Hoping for a Spring Turnaround

Dec 12, 2018

A Look Into Builder Impairments - Aside from Great Recession, Meaningful Impairments are Rare

Dec 11, 2018

Zelman's Weekly Tape Measure - Week of December 10, 2018

Dec 10, 2018

Portfolio Manager Weekly Z-Cap - Building Product Contacts Weigh in on 2019 Outlook

Dec 7, 2018

Building Product Contacts Weigh In On 2019 Plans - Tariff Scenarios Contemplated

Dec 7, 2018

Hovnanian Enterprises - Choppy Demand Increases Turnaround Risk

Dec 7, 2018

Hovnanian Enterprises - Solid Quarter Against Depressed Expectations

Dec 6, 2018

Western Markets Report - A Step in The Right Direction, But Still Tough Sledding

Dec 6, 2018

Beige Book Breakout - Weakness to End the Year

Dec 6, 2018

Seattle Apartment Market in Focus - Diminished Pricing Power Likely to Persist in 2019-20

Dec 6, 2018

Toll Brothers - Valuation Provides Downside Support, but Upside Unlikely for Now

Dec 4, 2018

Toll Brothers - Soft Orders and a Conservative Outlook

Dec 4, 2018

Zelman's Weekly Tape Measure - Week of December 3, 2018

Dec 3, 2018

Texas Field Trip Wrap Up - Slowdown Evident, but No Panic Yet

Dec 3, 2018

Portfolio Manager Weekly Z-Cap - Thoughts on Single-Family For-Sale and Rental Markets

Nov 30, 2018

American Woodmark: Bracing for Turbulence

Nov 30, 2018

American Woodmark - Cost Inflation Drives Earnings Shortfall

Nov 29, 2018

Western Markets Report - Tepid Activity Thus Far in 4Q18

Nov 28, 2018

FHFA Raises Conforming Loan Limit For 2019 - FHA Limits Likely to Rise as Well

Nov 28, 2018

Single-Family Rental Survey - Rent Growth Improvement Persists Early in the Quarter

Nov 27, 2018

Zelman's Weekly Tape Measure - Week of November 26, 2018

Nov 26, 2018

Reducing Estimates for HOV, LEN and TOL - Sluggish Demand Pressures 4Q18 and 2019 Forecasts

Nov 26, 2018

Portfolio Manager Weekly Z-Cap - A Murky Single-Family Outlook

Nov 21, 2018

Tough Backdrop for Real Estate Services Stocks - Lowering Valuations into Year End

Nov 21, 2018

High-DTI Lending at Risk of Tightening - Contacts Believe Fannie Mae and FHA Will Announce Changes

Nov 21, 2018

Western Markets Report - Year-Over-Year Declines Accelerate

Nov 21, 2018

Real Estate Broker Survey - Soft Resale Trends Weakening Further

Nov 21, 2018

Armstrong Flooring - Challenges Remain, Downgrading to Sell

Nov 21, 2018

Lowe's Companies - Many Challenges Front and Center

Nov 21, 2018

Lowe's Companies - Another Soft Quarter; Patience Required

Nov 20, 2018

Black Knight - Encouraging Update on Operations Somewhat Offset by D&B Investment Announcement

Nov 20, 2018

Multi-Family Market-Level Forecasts - Raising 2019 Forecasts Slightly and Introducing 2020 Estimates

Nov 20, 2018

Proprietary Look at Builder Price Points - Affordability Quest Pushes Builders Further into Entry Level

Nov 20, 2018

Zelman's Weekly Tape Measure - Week of November 19, 2018

Nov 19, 2018

Apartment Transactions Survey - Interest Rates Starting to Impact Asset Valuations

Nov 19, 2018

Portfolio Manager Weekly Z-Cap - Proprietary Surveys Reveal Continued Pressure on Single-Family Demand

Nov 16, 2018

Building Products Company Takeaways - Trends Fading Into October As Expected

Nov 16, 2018

Building Products Survey - A Soft Month

Nov 16, 2018

American Woodmark - Risk-Reward is Compelling, but Awaiting Firmer Fundamental Footing

Nov 16, 2018

FHA Audit Highlights Rising Risk Factors - No Changes Announced, but Bias for Incremental Tightening

Nov 15, 2018

KB Home - Levers to Navigate Choppy Demand

Nov 15, 2018

Western Markets Report - Not a Great Week, But Fires Likely Weighed on Results

Nov 14, 2018

Five Point Holdings - Long-Term Value Evident, But No Rush To Jump In

Nov 14, 2018

Beazer Homes - Risks Remain Despite Stock Surge

Nov 14, 2018

The Home Depot - Tilting Toward a More Conservative Outlook

Nov 14, 2018

Apartment Survey - Positive Rent Momentum Continues Year Over Year

Nov 14, 2018

Beazer Homes - Solid Quarter All Things Considered

Nov 13, 2018

The Home Depot - Core Likely Better Than Assumed, Focus Will Be on Outlook

Nov 13, 2018

Assessing Builder Exposure to California Fires - A Small Number of Active Projects Near Danger Zones

Nov 13, 2018

Homebuilding Survey - A Very Tough Month for Builders

Nov 13, 2018

Zelman's Weekly Tape Measure - Week of November 12, 2018

Nov 12, 2018

MDC Holdings - Thoughts Following Analyst Day And Industry Roundtable

Nov 12, 2018

Mortgage Survey - Further Weakness in Purchase Activity

Nov 12, 2018

Essent Group - Upside for Above-Consensus Outlook

Nov 12, 2018

Portfolio Manager Weekly Z-Cap - Company-Specific Thoughts Across the Housing Mosaic

Nov 9, 2018

Essent Group - Slightly Ahead of Expectations on Credit and Premium Revenue

Nov 9, 2018

Redfin - Brace for Steeper Losses, Moving to the Sidelines

Nov 9, 2018

D.R. Horton - Not Immune to the Market

Nov 8, 2018

D.R. Horton - Margins a Bit Lighter Than Expected

Nov 8, 2018

Armstrong Flooring - Tariffs To Provide Volume Assistance

Nov 8, 2018

Western Markets Report - Slightly Less Negative

Nov 7, 2018

Zillow Group - Headwinds Underappreciated, Downgrade to Sell

Nov 7, 2018

TopBuild - Distinguishing Itself, But Big Test Coming

Nov 7, 2018

Lowe's Companies - Implications of Store Closures

Nov 7, 2018

Century Communities - Prior Push Points Coming Into Focus

Nov 7, 2018

AMH, INVH Updated Outlook - Near-Term Expense Challenges, But Solid Growth Potential

Nov 7, 2018

TopBuild - Impressive Quarter and Guidance

Nov 6, 2018

Armstrong Flooring - Tariff Pre-Buy Drives Demand, But Results Softer Than Expected

Nov 6, 2018

Invitation Homes - AFFO and Same-Store Guidance Reduced Due to Higher Operating Expenses

Nov 5, 2018

Zelman's Weekly Tape Measure - Week of November 5, 2018

Nov 5, 2018

Risk-Reward Remains Uneven for Apartment REITs - Lowering Fair Values and Introducing 2020 Estimates

Nov 5, 2018

RE/MAX Holdings - A Less Optimistic Growth Outlook

Nov 5, 2018

Realogy Holdings - Re-Resetting the Bar

Nov 5, 2018

Portfolio Manager Weekly Z-Cap - Zillow Initiation, Surveys and Company Specific Takeaways

Nov 2, 2018

Land Development Survey - Still Active, But Choppy Homebuyer Demand Filtering Through

Nov 2, 2018

Installed Building Products - Boxed In, Near Term

Nov 2, 2018

American Homes 4 Rent - Guidance Lowered Despite Solid Underlying Fundamentals

Nov 2, 2018

MDC Holdings - A Safer Option in a Turbulent Market

Nov 2, 2018

AIMCO - Guidance Suggests Steady to Slightly Better Near-Term Revenue Growth

Nov 1, 2018

RE/MAX Holdings - Guidance Reduced on Slower Housing Activity

Nov 1, 2018

Installed Building Products - In A Tough Spot for Now

Nov 1, 2018

MDC Holdings - Mixed Quarter, but Stock Remains a Defensive Option

Nov 1, 2018

Radian Group - Strong Outlook at a Valuation Discount

Nov 1, 2018

Western Markets Report - Still Choppy

Nov 1, 2018

Zillow Group - Balancing Transformative Vision Against Headwinds, Initiating at Hold

Nov 1, 2018

Mid-America Apartment Communities - Held 2018 Revenue Outlook, Reflecting Further Acceleration in Near Term

Oct 31, 2018

Taylor Morrison - High Quality at a Discount

Oct 31, 2018

Radian Group - Strong Credit Drives Upside Again

Oct 31, 2018

Taylor Morrison - Positive Quarter, Especially Given Valuation

Oct 31, 2018

Armstrong World Industries - Architectural Specialties Helps Mitigate Industry Challenges

Oct 31, 2018

Masco - More Clarity On Tariffs and Buybacks Provide Relief

Oct 31, 2018

NMI Holdings - Strong Strategy Matched by Capital Position

Oct 31, 2018

Banking Survey - AD&C Capital Availability Accelerates Further

Oct 31, 2018

William Lyon Homes - Some Signs of Life

Oct 31, 2018

Black Knight - Ongoing Momentum and Innovation, Recurring Revenue Exposure Buoy Software Outlook

Oct 30, 2018

Armstrong World Industries - Revenues Stronger, but Profitability Disappointing

Oct 30, 2018

Black Knight - Revenue Right on Top of Our Estimate, No Evidence of Slowdown in Client Spending

Oct 30, 2018

Masco - Another Tough Building Products Report

Oct 30, 2018
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Presentation - 2017 Housing Summit

Sep 18, 2017

Macro Housing Forecasts - Raising Caution on Higher Rates

Dec 9, 2016

2016 Housing Summit Wrap-Up - Middle Innings of an Extra-Inning Game

Sep 27, 2016

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

Turning the Lights on Household Formation - Still A Lot of Homes Needed in Coming Years

Mar 9, 2016

Homebuilding Survey - Another Solid Month, Outlook Encouraging

Feb 10, 2016

Homebuilding Survey - A Strong End to the Year

Jan 12, 2016

Macro Housing Forecasts - Single-Family Market Strong, but Less Robust Than Expected

Dec 11, 2015

Presentation - 2015 Housing Summit

Sep 10, 2015

Macro Housing Forecasts - Many Positives but Single-Family Starts Pushed Out

Sep 8, 2015

Turning the Lights on Household Formation - Normalized Level Reached for First Time Since Crisis Began

Aug 17, 2015

Macro Housing Forecasts - Rate Fears Aside, Market Fundamentals Very Strong

Jun 15, 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

Macro Housing Forecasts - Strong Start to Year Supportive of Optimistic 2015 Outlook

Mar 16, 2015

Turning the Lights on Household Formation - 2014 Increase Strongest Since 2007, Aided by Young Adults

Mar 4, 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

Presentation - June 2014 Client Conference Call

Jun 20, 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

Presentation - January 2014 Client Conference Call

Jan 27, 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

Macro Housing Forecasts - Digging Below the Surface

Aug 26, 2013

The Housing Waterfall - The Powerful Employment Multiplier of Housing

Aug 6, 2013

Macro Housing Forecasts - Production Builders Driving Single-Family Recovery

May 28, 2013

Macro Housing Forecasts - Sector Poised for Strongest Growth Since 1983, Aiding Macro

Mar 4, 2013

Silver Bay Realty Trust - NAV Analysis Justifies Buy Rating, Double-Digit IRR

Jan 8, 2013

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

Jan 8, 2013

Macro Housing Forecasts - Entering the Second Leg of Housing Recovery

Dec 10, 2012

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

Presentation - 2012 Housing Summit - Ten Prevailing Themes for Next Year

Oct 1, 2012

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

Sep 10, 2012

Macro Housing Forecasts - Housing a Tailwind the Economy Needs

Aug 20, 2012

Presentation - Shining a Bright Light on the Shadow

Mar 30, 2012

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

Mar 29, 2012

Macro Housing Forecasts - In the Early Stages of a Recovery...Finally

Feb 21, 2012

Homebuilding Survey - Order Growth Accelerates, Builders Ratchet Back Incentives

Feb 13, 2012

Presentation - Putting More Housing Chips on the Table

Jan 13, 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

Living With Mom and Dad - Household Implications of 23 Million "Children" Living at Home

Oct 18, 2011

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

Sep 26, 2011

Housing Summit Survey Results - Clients and Contacts Offer Economic and Housing

Sep 26, 2011

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

Sep 7, 2011

Macro Sensitivity Analysis Reveals Relative Values

Aug 18, 2011

Presentation - Leasing the American Dream...For Now

Jun 2, 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

Presentation - Summary of February 2011 Survey Results

Mar 11, 2011

Macro Housing Forecasts - Upside to Starts, Sorting Through Existing Home Sale Figures

Feb 28, 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

NVR - The Homebuilder In a League of Its Own

Jan 6, 2011

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

Dec 14, 2010

Mortgage Putback Concerns Picking Up Steam - Exposure Difficult to Quantify, But Overhang...

Oct 19, 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

Updating Macro Housing Outlook - Forecasts Tweaked Lower Again

Sep 13, 2010

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

Aug 5, 2010

Muddling Through 2010 - Lowering Macro Housing Assumptions and Builder Valuations

Jun 18, 2010

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

May 18, 2010

Realistic Housing Growth - Revisiting Macro Housing Assumptions

Apr 26, 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

Presentation - July 2009 Survey Summary & Macro Outlook

Aug 10, 2009

Plan Misses the Point Without Principal Reduction

Feb 18, 2009

Presentation - The Consumers' House of Cards - Why the Housing Market Matters Most

Feb 6, 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
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