Proprietary Research

Unbiased views, bold thinking and a track record for providing professionals actionable insights for guiding business strategies is what defines Zelman & Associates as the leading housing research firm. What sets us apart is extensive macro and company-specific equity research, exclusive industry surveys, stock recommendations, and the integration of real time data for the apartment REIT, building products, homebuilding, homecenter, mortgage insurance, real estate services, single-family rental and title insurance sectors. Our insights help professionals industrywide connect the dots between all aspects of the housing mosaic to form strategies and decisions rooted in confidence.

Research Products & 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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Single-Family Rental

FHA Audit Reveals Improved Performance - However, Focus Remains on Rising Risk Factors

Nov 15, 2019

Building Products Survey and Company Takeaways - Slight Step-Back in Growth Offset By Strong Margins; Downgrade FBHS and BLD to Hold Given Fair Valuations

Nov 15, 2019

Homecenter Survey - Core Growth Gradually Improving, but to Underwhelming Pace

Nov 15, 2019

American Woodmark - 2Q20 Earnings Preview; Maintaining Our Buy Recommendation

Nov 15, 2019

Beazer Homes - Balance Sheet Progress a Positive, but Growth Outlook is Murky

Nov 14, 2019

Western Markets Report - California Growth Surges to Strongest Level in Six-Plus Years

Nov 13, 2019

Homebuilding Survey - A Strong Start to the Fourth Quarter; All Eyes on Rates

Nov 13, 2019

D.R. Horton - Great Execution and a Positive Outlook

Nov 13, 2019

D.R. Horton - Solid Quarter and 2020 Guidance

Nov 12, 2019

American Homes 4 Rent - The Stage is Set, Can They Execute?

Nov 11, 2019

Zillow Group - Risk-Reward Still Unbalanced In Our View

Nov 11, 2019

Realogy Holdings - Balance Sheet Progress but Still-Strained Fundamentals, Staying Neutral

Nov 11, 2019

Zelman's Weekly Tape Measure - Week of November 11, 2019

Nov 11, 2019

Five Point Holdings - Getting Closer

Nov 11, 2019

Essent Group - Continuing to Meet a High Bar

Nov 11, 2019

Portfolio Manager Weekly Z-Cap - Better Momentum in Home Price Appreciation, Lifting Forecasts

Nov 8, 2019

Essent Group - Top-Line Beat with Some Moving Pieces

Nov 8, 2019

American Homes 4 Rent - 3Q19 Results Mixed as Core FFO Raised, But Same-Home Outlook Unchanged

Nov 8, 2019

Redfin - Strong Platform for Multi-Channel Long-Term Growth, Upgrading to Buy

Nov 7, 2019

Black Knight - A Chink in the Armor

Nov 7, 2019

Banking Survey - A More Cautious Tone, but AD&C Growth Still Set to Accelerate

Nov 7, 2019

Western Markets Report - Absolute Activity Eases, But Double-Digit Growth Persists

Nov 7, 2019

NMI Holdings - Strong ROEs Support Valuation

Nov 7, 2019

Taylor Morrison - An Exciting Next Chapter in its Growth Story

Nov 7, 2019

Armstrong Flooring - Another Painful Quarter Resets Bar Materially Lower for New CEO

Nov 6, 2019

Black Knight - Client Deconversion Mentioned Last Quarter Back in Focus

Nov 6, 2019

Taylor Morrison - Focus on Scale Continues With Acquisition of William Lyon

Nov 6, 2019

The Art of Measuring Home Prices - Better Momentum into Year End, Lifting Forecasts

Nov 6, 2019

Century Communities - Equity Deal Accelerates Deleveraging, But Coming at a Tough Time

Nov 5, 2019

Armstrong Flooring - Withering Headwinds Persist

Nov 5, 2019

Hovnanian Enterprises - Debt Refinancing Provides Much Needed Cushion, but Still Work to be Done

Nov 5, 2019

Zelman's Weekly Tape Measure - Week of November 4, 2019

Nov 4, 2019

AIMCO - Deleveraging Likely to Help Valuation, But Risk-Reward Balanced

Nov 4, 2019

RE/MAX Holdings - Making Progress into Year End

Nov 4, 2019

Camden Property Trust - Fortress Balance Sheet, But Growth Moderating

Nov 4, 2019

Mid-America Apartment Communities - Positioned to Deliver Peer-Leading Cash Flow Growth in 2020-21

Nov 4, 2019

Installed Building Products - Breakout Quarter

Nov 4, 2019

Portfolio Manager Weekly Z-Cap - Healthier Trends Emerging in Existing Home Market

Nov 1, 2019

Jobs and Housing - Humming Along

Nov 1, 2019

Installed Building Products - Strong 3Q19 Execution

Nov 1, 2019

TopBuild - In the Sweet Spot

Nov 1, 2019

Radian Group - Positive Thesis Playing Out

Nov 1, 2019

Invitation Homes - Deleveraging Slower, But Still Ready to Run

Nov 1, 2019

RE/MAX Holdings - A Solid Quarter Versus Expectations

Nov 1, 2019

The New Home Company - Still Work to be Done

Nov 1, 2019

Camden Property Trust - Strongest Guidance Raise Among Peers as Property Taxes Surprise

Oct 31, 2019

AIMCO - 3Q19 Results Solid, Likely Setting Up a Positive Update to Initial 2020 Outlook

Oct 31, 2019

TRI Pointe Homes - Outlook Improving Heading into 2020

Oct 31, 2019

The New Home Company - Balance Sheet Improvement Encouraging

Oct 31, 2019

TopBuild - Another Solid Quarter

Oct 31, 2019

UDR - Balancing Moderating Organic Growth with Higher External Investments

Oct 31, 2019

Masco - Solid Execution, But Approaching Fair Value; Downgrade to Hold

Oct 31, 2019

Mid-America Apartment Communities - Overhead Troubles Resurface, But NOI Growth Acceleration Steals the Show

Oct 31, 2019

TRI Pointe Homes - Very Strong Quarter

Oct 31, 2019

M.D.C. Holdings - Taking Some Profits After a Strong Run; Downgrading to Hold

Oct 31, 2019

Radian Group - A Great Quarter

Oct 30, 2019

Fidelity National Financial - Capital Position Provides Options for Value Creation

Oct 30, 2019

Western Markets Report - Growth Numbers Still Impressive

Oct 30, 2019

Taylor Morrison - Profit-Taking Sell-Off Overdone; Reiterate Buy

Oct 30, 2019

Century Communities - Getting Closer

Oct 30, 2019

AvalonBay Communities - Growth Profile Likely to Improve, But Balanced by Potential for Greater Supply Risk

Oct 30, 2019

Taylor Morrison - A Solid Quarter With Some Moving Pieces

Oct 30, 2019

Masco - Core Results Slightly Better than Expected

Oct 30, 2019

UDR - 3Q19 Results in Line, Same-Store Growth Modestly Below Expectations

Oct 30, 2019

Invitation Homes - Looking Past the Noise, Same-Home Performance Exhibits Continued Strength

Oct 29, 2019

Fidelity National Financial - A Great Quarter with Momentum Into Year End

Oct 29, 2019

Macro Housing Quick Take - Homeownership Rate Bounces Back in 3Q19

Oct 29, 2019

Macro Housing Quick Take - Best Year-Over-Year Pending Home Sales Growth Since 2015

Oct 29, 2019

Land Development Survey - Builder Demand Moving Higher; Focus Turning to Supply

Oct 29, 2019

On Better Footing Alongside Macro Improvement - Lifting Targets on RLGY and RMAX, Maintaining Hold

Oct 29, 2019

Armstrong World Industries - Small Cracks Emerge in Bull Case Growth Thesis

Oct 29, 2019

Real Estate Broker Survey - Growth Trajectory Remains Intact into Year End

Oct 29, 2019

AvalonBay Communities - Revenue Growth Moderated Across 70% of AVB's Exposure

Oct 28, 2019

Armstrong World Industries - Softer Than Expected 3Q19 Results

Oct 28, 2019

Zelman's Weekly Tape Measure - Week of October 28, 2019

Oct 28, 2019

Mohawk Industries - Some Clouds Lifting, but Others Emerge

Oct 28, 2019

Portfolio Manager Weekly Z-Cap - Community Count Continues to Inch Higher; Checks Highlight Push into Entry Level

Oct 25, 2019

CoreLogic - Oh Come On, It Wasn't That Bad!

Oct 25, 2019

Essex Property Trust - Management Best-in-Class, But Headwinds Difficult to Ignore

Oct 25, 2019

Stanley Black & Decker - Executing Well, but Stock is Appreciated in This Softer Setting; Downgrading to Hold

Oct 25, 2019

Mohawk Industries - Tough Flooring Trends Continue

Oct 25, 2019

First American Financial - Raising Estimates Modestly

Oct 24, 2019

Macro Housing Quick Take - New Home Sales Consistent With Our View; Inventory Declines

Oct 24, 2019

Owens Corning - Another Soft Guide, but Should Be Nearing Better Days; Maintain Hold Recommendation

Oct 24, 2019

First American Financial - Strong Upside as Top-Line Growth Provides Margin Lift

Oct 24, 2019

Equity Residential - Moderation a More Likely Outcome Than Acceleration

Oct 24, 2019

Fortune Brands Home & Security - Soft 3Q19, but Guidance Suggests Positive Momentum to Exit 2019

Oct 24, 2019

Essex Property Trust - 2020 Economic Outlook Highlights Decelerating Growth in California

Oct 24, 2019

CoreLogic - Updated Guidance Implies Faster-than-Expected Margin Improvement

Oct 24, 2019

M/I Homes - Executing in a Strong Market; What's Not to Like?

Oct 24, 2019

Stanley Black & Decker - External Headwinds Clip Guidance

Oct 24, 2019

Meritage Homes - Poised for a Rerating Higher

Oct 24, 2019

Stewart Information Services - Positive Early Impression; Staying on the Sidelines for Now

Oct 23, 2019

M/I Homes - Well Done

Oct 23, 2019

Single-Family Rental Survey - Third Quarter Survey Results Align with REIT Estimates

Oct 23, 2019

Owens Corning - Mixed 3Q19 Results and Guidance, but Should Be Good Enough

Oct 23, 2019

Sherwin-Williams - Core Business Solid, Balanced Against Soft International

Oct 23, 2019

Western Markets Report - Strongest Growth Since 2013

Oct 23, 2019

Equity Residential - Core FFO Better Than Expected, But Revenue Growth Moderated

Oct 22, 2019

MGIC Investment - Capital Strength Shining Through

Oct 22, 2019
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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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