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


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Single-Family Rental

Portfolio Manager Weekly Z-Cap - Refreshed Macro Housing Forecasts and Proprietary Research Across Housing Mosaic

Jun 22, 2018

Lowe's Companies - Our Take on Turnaround as King for a Day

Jun 22, 2018

Presentation: Macro Housing Forecasts June 2018

Jun 21, 2018

Macro Housing Forecasts - Inventory a Bigger Factor than Rates

Jun 21, 2018

KBH and LEN Earnings Preview - Comfortable Owning the Stocks Despite Near-Term Risks

Jun 21, 2018

Western Markets Report - More of the Same

Jun 20, 2018

Washington D.C. Apartment Market in Focus - Supply Ebbs and Flows at Elevated Levels Despite Low Growth

Jun 20, 2018

Apartment Transactions Survey - Marketed Supply Picks Up, Better Balancing Strong Demand

Jun 20, 2018

Century Communities - Puts and Takes of a High-Growth Story; Initiating at Hold

Jun 20, 2018

Building Products Company Takeaways - Cost Inflation Limits Near-Term Upside

Jun 19, 2018

Building Products Survey - Solid Top-Line, But Inflation Limits Margin Expansion

Jun 19, 2018

Owens Corning - Upgrading To Buy on Insulation Strength, Strong Cash Flow

Jun 19, 2018

Homecenter Survey - May Finished Strongly, Even Beyond Seasonal Rebound

Jun 19, 2018

Zelman's Weekly Tape Measure - Week of June 18, 2018

Jun 18, 2018

Portfolio Manager Weekly Z-Cap - Housing Macro Outlook Still Strong but Near-Term Choppiness Evident

Jun 15, 2018

Mortgage Survey - Growth Decelerated in May but Underlying Trend Solid

Jun 15, 2018

Apartment Survey - Pricing Trends Bounce Back and Forth in Soft Growth Territory

Jun 14, 2018

Western Markets Report - Solid Week; Smoothed Trends Flattish

Jun 13, 2018

Builder Survey Points to Decelerating Growth - Reducing Estimates; Downgrading NWHM, TOL and TPH

Jun 13, 2018

Homebuilding Survey - Decelerating Growth But Underlying Demand Still Solid

Jun 13, 2018

Turning the Lights on Household Formation - Historic Stability in New Supply is Healthy, but More Needed

Jun 12, 2018

USG - Knauf Takeout Offer a Positive Read Through for Building Products Valuations

Jun 11, 2018

Zelman's Weekly Tape Measure - Week of June 11, 2018

Jun 11, 2018

Portfolio Manager Weekly Z-Cap - Musings on Builders and Mortgage Insurers

Jun 8, 2018

Hovnanian Enterprises - Still a Speculative Call Option

Jun 8, 2018

Mortgage Insurers Gradually Finding Stability - Near-Term PMIERs Risk to Navigate but Valuation Compelling

Jun 8, 2018

Taylor Morrison - Hard to Ignore Potential Upside, but Investors Likely to Take Wait-And-See Approach

Jun 8, 2018

Hovnanian Enterprises - Improving Results But Still Treading Water

Jun 7, 2018

Taylor Morrison - Putting Strong Balance Sheet to Work With AVHI Acquisition

Jun 7, 2018

Western Markets Report - A Nice Bounce Back Week

Jun 6, 2018

Zelman's Weekly Tape Measure - Week of June 4, 2018

Jun 4, 2018

Taking Stock of the Builders - Adding WLH as Top Idea; Removing TMHC, but Maintain Buy

Jun 4, 2018

Portfolio Manager Weekly Z-Cap - Proprietary Multi-Family Analysis a Stand Out in Short Week

Jun 1, 2018

Western Markets Report - A Softer Week; 2Q18 Absorptions Tracking Flattish

May 31, 2018

Demystifying Multi-Family Supply - Introducing New, Proprietary Framework to Gauge Risk

May 31, 2018

Beige Book Breakout - Proprietary Index Reaches Strongest Level Since 2014

May 30, 2018

American Woodmark - Staying The Course

May 30, 2018

American Woodmark - Decent Quarter In Context of Sentiment

May 29, 2018

Zelman's Weekly Tape Measure - Week of May 29, 2018

May 29, 2018

Portfolio Manager Weekly Z-Cap - 2017 Birth Data, Multi-Family Forecasts and Final April Channel Checks

May 25, 2018

Single-Family Rental Survey - Fundamentals Steady, Survey Trends Predictive of REIT Results

May 24, 2018

Real Estate Broker Survey - Buyer Demand Still Solid in the Face of Higher Rates

May 24, 2018

Lowe's Companies - Left in Similar Place as New CEO Set for Challenge

May 24, 2018

Western Markets Report - Remarkable Stability in the Face of Rate Volatility

May 23, 2018

Toll Brothers - Mixed Quarter but Selloff an Overreaction

May 23, 2018

Lowe's Companies - Outlook Held Despite Seasonal Weakness in Quarter

May 23, 2018

Multi-Family Market-Level Forecasts - Low Growth Still Evident, With Ebbs and Flows Across Markets

May 23, 2018

What Wasn't in the Water? - An Odd Drop in Good Births

May 23, 2018

Toll Brothers - Moving Pieces, but Longer Term View In Tact

May 22, 2018

ESNT and NMIH Update Insurance Pricing - NMIH Introduces New Engine; ESNT Matches RDN and GNW

May 21, 2018

First American Financial - Investor Day Reinforces Positive Outlook

May 21, 2018

Zelman's Weekly Tape Measure - Week of May 21, 2018

May 21, 2018

Portfolio Manager Weekly Z-Cap - Checks Across Apartment, Building Products, Homecenter and Mortgage Origination Industries

May 18, 2018

American Woodmark - Discounted Valuation Unwarranted

May 17, 2018

Building Products Survey - Revenue Rebounds in April, But Cost Headwinds Persist

May 17, 2018

Mortgage Originator Views - Heightened Competition for Volume Driving Margin Pressure

May 17, 2018

Building Products Company Takeaways - Pricing Power Necessary to Navigate Inflationary Pressures; Upgrading AMWD

May 17, 2018

Mortgage Survey - Growth Improved in April but Lenders Facing Tough Market

May 17, 2018

Invitation Homes - Downgrading to Hold as Valuation Reflects Growth Potential

May 16, 2018

Western Markets Report - Choppy Week-to-Week Activity, But Smoothed Trends More Stable

May 16, 2018

The Home Depot - Confident in Fundamentals but Valuation Upside Limited

May 16, 2018

Five Point Holdings - Incremental Positives in a Quiet Quarter

May 15, 2018

The Home Depot - Weather Overhang Greater than Estimated, but Guidance Maintained

May 15, 2018

Apartment Survey - A Slight Step Backward in April After Modest 1Q18 Upside

May 15, 2018

Invitation Homes - Timing and Weather Dull FFO, But Underlying Fundamentals Remain Strong

May 14, 2018

Zelman's Weekly Tape Measure - Week of May 14, 2018

May 14, 2018

Homecenter Survey - 1Q18 Weather Headwind Too Much to Overcome

May 14, 2018

Portfolio Manager Weekly Z-Cap - First Serving of April Survey Checks

May 11, 2018

Homebuilding Survey - Order Growth Slower in April, but Outlook Still Positive

May 11, 2018

Recent Optimism Appears to Misprice Risks - Skewing Our Valuations More Negatively With AIV Downgrade

May 10, 2018

William Lyon Homes - An Execution Story

May 9, 2018

Western Markets Report - Moving in the Right Direction

May 9, 2018

Armstrong Flooring - Outlook Remains Similar, Headwinds Persist

May 9, 2018

TopBuild - Another Strong Release, but Risk-Reward Balanced

May 9, 2018

Armstrong Flooring - Slightly Stronger Revenue, But Margin Upside Limited

May 8, 2018

William Lyon Homes - Strong Quarter and Favorable Guidance

May 8, 2018

TopBuild - Solid 1Q18 Results in Spite of Industry Headwinds

May 8, 2018

Black Knight - Origination Software Momentum Continues But Expenses Likely to Remain Elevated

May 8, 2018

AIMCO - Simplification Worth the Near-Term Dilution

May 8, 2018

Radian Releases Updated Premium Rates - More Risk-Based Granularity at Mid-Teens ROEs

May 8, 2018

Banking Survey - Competition, Loan Growth Accelerate; Single-Family Leading

May 8, 2018

American Homes 4 Rent - Well Positioned For Double-Digit Cash Flow Growth

May 7, 2018

Zelman's Weekly Tape Measure - Week of May 7, 2018

May 7, 2018

Essent Group - Navigating the Competition

May 7, 2018

RE/MAX Holdings - Awaiting Stronger Domestic Trends

May 7, 2018

Portfolio Manager Weekly Z-Cap - Jobs, Land Development Survey and Proprietary Price Point Analysis

May 4, 2018

Essent Group - Meets our Above-Consensus View

May 4, 2018

Thoughts After FNF and STC Earnings - Deal Commentary Positive, Reiterating Buys for Both Stocks

May 4, 2018

RE/MAX Holdings - Upside to Quarter But Guidance Light

May 4, 2018

Installed Building Products - Incrementals Set to Rebound, Stronger Growth Supports Buy

May 4, 2018

Realogy Holdings - Maintaining Our Balanced View

May 4, 2018

MDC Holdings - Poised for Strong Growth, Upgrading to Buy

May 4, 2018

The New Home Company - Playing the Long Game

May 4, 2018

American Homes 4 Rent - R&M and Property Management Expenses Spike, Driving Downside to FFO

May 3, 2018

Camden Property Trust - First Quarter Upside But Maintaining 2018 FFO Guidance

May 3, 2018

Installed Building Products - 1Q18 Better Than Feared

May 3, 2018

The New Home Company - Moving Pieces to Start 2018

May 3, 2018

Stewart Information Services - Lower Expenses Drive Upside but Revenue Mixed

May 3, 2018

Essex Property Trust - Stronger Revenue Growth Drives Core FFO Upside

May 3, 2018

Beazer Homes - Steady Operational Improvement, but No Obvious Catalyst for Multiple Expansion

May 3, 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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