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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CHOOSE A COVERAGE SECTOR:

Apartments


Building Products


Demographics


Homebuilding


Homecenters


Macro Housing


Mortgage Finance


Real Estate Services


Single-Family Rental

Portfolio Manager Weekly Z-Cap - Supply Pipeline Not Priced Into Apartment REIT Valuations

Feb 17, 2017

Building Products Company Takeaways - Preference Remains for R&R Exposure, Clean Balance Sheets

Feb 17, 2017

Building Products Survey - 2017 Off to Favorable Start

Feb 17, 2017

Homecenter Survey - Raising the Bar for HD/LOW After Survey Metrics Accelerate

Feb 17, 2017

NMI Holdings - Meaningful ROE Expansion Ahead

Feb 16, 2017

Western Markets Report - Another Strong Week

Feb 15, 2017

Lennar - Updating Estimates for WCIC; Reiterate as Top Pick

Feb 15, 2017

Apartment Survey - Lease-Up Pressures Expected By Contacts Through 2H18

Feb 14, 2017

Zelman's Weekly Tape Measure - Week of February 13, 2017

Feb 13, 2017

Stewart Information Services - Expense Saves Coming Through

Feb 13, 2017

Zelman Top Idea Basket - Adding CPT as a Sell in Place of NVR as a Buy

Feb 13, 2017

Essent Group - Estimates Moving Higher on Robust NIW

Feb 13, 2017

Mohawk Industries - Flooring "Infrastructure Second to None"

Feb 13, 2017

Apartment REIT Valuation Disconnected from Risk - Downgrading AVB, ESS, UDR to Sell; Joining AIV, CPT, EQR

Feb 13, 2017

Homebuilding Survey - Builders Bullish on Selling Season

Feb 13, 2017

Portfolio Manager Weekly Z-Cap - Updated Non-Residential Forecasts Reflect Strong Demand

Feb 10, 2017

Ellie Mae - Higher Expenses Weigh on Gross Margin But Higher G&A Leverage Offsets

Feb 10, 2017

First American Financial - Some Positives and Negatives But Trimming 2017 EPS Estimate 2%

Feb 10, 2017

Essent Group - Strong Volume Likely to Drive Upside to Forward Estimates

Feb 10, 2017

Masco - Favorable End-Channel Exposure and Strong Cash Flow

Feb 10, 2017

Beazer Homes - Estimates Under Pressure, Maintain Sell

Feb 9, 2017

CalAtlantic Group - Margin Concerns Overdone, Maintain Buy

Feb 9, 2017

Mohawk Industries - A Good But Not Great Release

Feb 9, 2017

First American Financial - EPS Above Estimates But Title Margins Trailed Our Expectations

Feb 9, 2017

Masco - A Slight Disappointment in 4Q16

Feb 9, 2017

Beazer Homes - Relatively In Line With Low Expectations

Feb 9, 2017

Taylor Morrison - Solid Operations But Limited Near-Term Upside to Valuation

Feb 9, 2017

Owens Corning - Upside to Estimates, Discounted Valuation, Upgrading to Buy

Feb 9, 2017

CalAtlantic Group - A Solid Quarter, But Margin in Backlog Moves Lower Again

Feb 8, 2017

Owens Corning - Roofing Drives 4Q16 Upside, 2017 Outlook Likely Ahead of Consensus

Feb 8, 2017

Western Markets Report - Springing to Life

Feb 8, 2017

Constructing a Non-Residential Picture - Slightly Raising Outlook; Continued Steady Growth Expected

Feb 8, 2017

Camden Property Trust - Pricing Power and Property Tax Headwinds Pressure Outlook

Feb 7, 2017

Zelman's Weekly Tape Measure - Week of February 6, 2017

Feb 6, 2017

Banking Survey - Strong Single-Family Trends Mitigated by Multi-Family Pullback

Feb 6, 2017

Portfolio Manager Weekly Z-Cap - January Jobs Report a Positive for Housing

Feb 3, 2017

Jobs and Housing - Young Adults Gaining Share of Employment Growth

Feb 3, 2017

Fidelity National Financial - Still Our Top Pick in Title

Feb 3, 2017

M/I Homes - Positive Long Term Outlook, But Neutral Near Term

Feb 3, 2017

Essex Property Trust - 2017 Guidance Below Expectations on Weaker Revenue Growth

Feb 2, 2017

AIMCO - 4Q16 FFO Upside, But Leasing Trends Concerning

Feb 2, 2017

M/I Homes - Big EPS Miss, But Not All Bad News

Feb 2, 2017

USG - Balancing Softer Outlook With Additional Capital Deployment

Feb 2, 2017

Fidelity National Financial - Residential Title Makes Strong Showing

Feb 2, 2017

Black Knight Financial Services - Still Positive on Longer-Term Outlook But Slower Growth Trims Near-Term Estimates

Feb 2, 2017

MDC Holdings - Limited Downside, But No Near-Term Spark

Feb 2, 2017

Meritage Homes - Waiting for the Pieces to Come Together

Feb 2, 2017

Proprietary Look at Builder Price Points - As Share of Smaller Homes Increases, Demand Still Strong

Feb 2, 2017

Mid-America Apartment Communities - Guidance Modestly Better, Driven by Stronger NOI Growth

Feb 1, 2017

AvalonBay Communities - Revenue Growth Deceleration Expected to Moderate in 2H17, In Contrast to Our View

Feb 1, 2017

Meritage Homes - Disappointing Orders and Outlook

Feb 1, 2017

USG - 4Q16 Core Profit Slightly Exceeds Outlook, Share Buyback Program An Unexpected Positive

Feb 1, 2017

MDC Holdings - A Mixed Quarter

Feb 1, 2017

Western Markets Report - Following Strong December, January Absorptions Flat

Feb 1, 2017

Fortune Brands Home & Security - 2017 Guidance Disappoints But Big Picture Thesis Intact

Feb 1, 2017

Equity Residential - Weak 2017 Operating Guidance Partially Offset by Lower Overhead

Feb 1, 2017

UDR - 2017 Guidance Implies Modest Downside Risk, While 2018 Likely Too Optimistic

Jan 30, 2017

Taylor Morrison - Solid Quarter, 2017 Guidance In Line

Jan 30, 2017

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

Jan 30, 2017

The Zelman Market Scorecard - Fundamentals Steady Across Key Markets

Jan 30, 2017

Apartment Association Index Lowest Since 3Q09 - Reliable Leading Indicator Implies Negative NOI Growth in 2017

Jan 30, 2017

Portfolio Manager Weekly Z-Cap - A Strong Start to 4Q16 Earnings Season

Jan 27, 2017

Sherwin-Williams - Approaching the Finish Line

Jan 27, 2017

Radian Group - Maintaining Above-Consensus Outlook

Jan 27, 2017

Stanley Black & Decker - Tools Upside but Trump Downside

Jan 27, 2017

Single-Family Rental Survey - December Capped a Solid Quarter, as Pricing Improves Further

Jan 27, 2017

PulteGroup - More Confident in Outlook, But Stock Reflects Optimism

Jan 27, 2017

Sherwin-Williams - Favorable Market Reaction Expected From Strong 4Q16, Clarity on VAL Closing

Jan 26, 2017

Radian Group - Solid Quarter with Strong NIW Trends

Jan 26, 2017

NVR - Still Attractive After Rally

Jan 26, 2017

PulteGroup - A Strong Quarter

Jan 26, 2017

Stanley Black & Decker - Core Results as Modeled, Led by Tools & Storage Strength

Jan 26, 2017

NVR - Big Upside Should Drive Estimates Higher

Jan 25, 2017

Real Estate Broker Survey - Post-Election Pop in High-End Could Shift Near-Term Narrative

Jan 25, 2017

Metro and Submarket Supply Surveillance - Multi-Family Supply a Multi-Year Headwind

Jan 25, 2017

Apartment REIT 4Q16 Earnings Preview - Cautious Into 2017; Reiterate Sell Ratings for AIV, CPT, EQR

Jan 25, 2017

Western Markets Report - Momentum Continues to Build as Spring Approaches

Jan 25, 2017

D.R. Horton - Reiterate as a Top Idea

Jan 25, 2017

Mohawk Industries - Small Ceramic Acquisition Now Official

Jan 24, 2017

D.R. Horton - A Strong Bounce-Back Quarter

Jan 24, 2017

Ellie Mae - Initiating Coverage With Sell Rating, $74 Fair Value Target

Jan 23, 2017

Zelman's Weekly Tape Measure - Week of January 23, 2016

Jan 23, 2017

Calendar 4Q16 Homebuilder Earnings Preview - Expecting Solid End-of-Year Results, But Upside Unlikely

Jan 23, 2017

Portfolio Manager Weekly Z-Cap - Building Products Survey Captures Solid Close to 4Q16

Jan 20, 2017

MGIC Investment - Further Confirmation of Positive EPS Drivers Reinforces Bullish Outlook

Jan 20, 2017

The Floor Plan - An Investor's Guide to Rental Housing

Jan 20, 2017

Land Development Survey - Land Activity Highlights an Optimistic Outlook

Jan 20, 2017

Houston Trip Highlights - Proving its Resilience

Jan 20, 2017

MGIC Investment - Lower Losses Drive 30% Upside

Jan 19, 2017

Title Insurer and Mortgage Tech Earnings Preview - Pull-Forward of Refinance Closings Lowers Risk to 4Q16 EPS

Jan 19, 2017

Homecenter Survey - Strong Upside Evident for HD/LOW 4Q16 Comps

Jan 19, 2017

Building Products Company Takeaways - Upside Bias to 4Q16 EPS Expectations

Jan 19, 2017

Building Products Survey - Solid Close to 2016; Constructive Backdrop to Persist in 2017

Jan 19, 2017

Western Markets Report - Absorptions Bounce Back

Jan 18, 2017

Previewing Earnings for the Mortgage Insurers - Positive Industry Outlook; Shifting MTG into Top Idea Basket

Jan 18, 2017

Zelman's Weekly Tape Measure - Week of January 16, 2016

Jan 17, 2017

Portfolio Manager Weekly Z-Cap - Positive Trends in Builder Survey, But Rate Impact Pending

Jan 13, 2017

Mortgage Originator Survey - December Applications Decelerate with Higher Rates

Jan 13, 2017

Builder Interest Rate Update - Still a Near-Term Risk, But Outlook Improved

Jan 13, 2017

KB Home - Walking the Walk

Jan 12, 2017
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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
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