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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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MGIC Investment - Reserve Release Drives Upside Again

Oct 17, 2018

Mortgage Technology Earnings Preview - Lower Volumes Testing Resilience of Businesses, Investors

Oct 17, 2018

Western Markets Report - Sluggish Absorption Trends Continue

Oct 17, 2018

Building Products Survey - Choppy Trends to Close 3Q18

Oct 17, 2018

Building Products Company Takeaways - Slippery Fundamental Terrain In The Near Term

Oct 17, 2018

Homecenter Survey - An Underwhelming Month, Albeit With Good Reason

Oct 17, 2018

Buckle Up for a Rocky Builder Earnings Season - Downside Risk to Consensus Orders, 2019 EPS

Oct 17, 2018

Mortgage Survey - As Demand Slows, Credit to Expand Further

Oct 16, 2018

Apartment Survey - Revenue Growth Continues to Improve, Capping Solid 3Q18

Oct 16, 2018

Zelman's Weekly Tape Measure - Week of October 15, 2018

Oct 15, 2018

Portfolio Manager Weekly Z-Cap - Builder Survey, Earnings Previews and California REIT Thoughts

Oct 12, 2018

Thoughts Heading Into 3Q18 Earnings Season - Outlook Positive for Mortgage Insurers, More Cautious for Title

Oct 12, 2018

Mortgage Policy to Gain Increased Attention - Expect More Rhetoric Around Reducing Government's Role

Oct 12, 2018

Homebuilding Survey - Order Growth Turns Negative as Comps Get Tougher

Oct 12, 2018

Northern California Apartment Market in Focus - Development in Full Swing, As Revenue Growth Improves

Oct 11, 2018

California Rent Control in Focus - Analyzing Potential Consequences of Proposition 10

Oct 11, 2018

Western Markets Report - A Very Slow Holiday Week

Oct 11, 2018

William Lyon Homes - Too Cheap to Ignore, Part Two

Oct 9, 2018

Zelman's Weekly Tape Measure - Week of October 8, 2018

Oct 8, 2018

Portfolio Manager Weekly Z-Cap - Summit Takeaways and September Jobs Report

Oct 5, 2018

Western Markets Report - Still Sluggish

Oct 4, 2018

Lennar - Executing Well Through Recent Moderation in Demand

Oct 3, 2018

Lennar - A Solid Quarter Amidst Macro Uncertainty

Oct 3, 2018

Zelman's Weekly Tape Measure - Week of October 1, 2018

Oct 1, 2018

2018 Housing Summit Wrap-Up - Approaching a Bottom in Investor Sentiment

Oct 1, 2018

Presentation - 2018 Housing Summit

Sep 30, 2018

PMIERs 2.0 Released with Minimal Changes - Updated Framework Largely Benign; Supports ROEs and Capital Return

Sep 28, 2018

Western Markets Report - A Similar Message as Prior Weeks

Sep 26, 2018

KB Home - Outpacing Peers Given Entry-Level Focus

Sep 26, 2018

Single-Family Rental Survey - August Builds on July Strength

Sep 26, 2018

Zelman's Weekly Tape Measure - Week of September 24, 2018

Sep 24, 2018

Real Estate Broker Survey - Market Recalibrating on Price But Activity Still Solid

Sep 24, 2018

KBH and LEN Earnings Preview - A Relief Rally May be in the Cards

Sep 24, 2018

Portfolio Manager Weekly Z-Cap - Updated Housing Forecasts and Another Round of Surveys

Sep 21, 2018

Apartment Transactions Survey - Demand Strength Increases Further, As Assets for Sale Spike

Sep 21, 2018

Macro Housing Forecasts - Softer, but For How Long?

Sep 21, 2018

The Art of Measuring Home Prices - Deceleration Starting, Reducing Forecasts

Sep 21, 2018

Western Markets Report - Activity Still Muted

Sep 20, 2018

Building Products Survey - Revenue Trends Still Solid; Costs Begin Trending Favorably

Sep 20, 2018

Building Products Company Takeaways - Solid August Tempered By Tariffs, Slowing New Construction

Sep 20, 2018

Homecenter Survey - Core Remains Strong and Storm to Help Short-Term Revenue

Sep 20, 2018

Zelman's Weekly Tape Measure - Week of September 17, 2018

Sep 17, 2018

Portfolio Manager Weekly Z-Cap - First Round of August Surveys and Updated Non-Res Thoughts

Sep 14, 2018

Apartment Survey - Better Near-Term Trends Continue, Bumping Valuation

Sep 14, 2018

Mortgage Survey - Competitive Pressure Driving More Risk Appetite

Sep 14, 2018

Constructing a Non-Residential Picture - Increase 2018-19 Growth Outlook; Introduce 2020 Forecast

Sep 13, 2018

Survey Points to 3Q18 Builder Order Downside - Reducing Estimates, but Still Constructive on the Cycle

Sep 13, 2018

Homebuilding Survey - Stuck in The Summer Doldrums

Sep 13, 2018

Beige Book Breakout - Slight Moderation in Index but Still Robust

Sep 12, 2018

Western Markets Report - A Mixed Bag as Southwest Remains Solid, California Softer

Sep 12, 2018

Hovnanian Enterprises - Staying Afloat, But Sustainable Profitability Still Not in Sight

Sep 11, 2018

Hovnanian Enterprises - Weaker Volume, Better Margins

Sep 10, 2018

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

Sep 10, 2018

Portfolio Manager Weekly Z-Cap - Jobs and Household Formations

Sep 7, 2018

Western Markets Report - A Surprisingly Solid Week

Sep 6, 2018

Turning the Lights on Household Formation - Steady Growth as Demand and Inventory Battle

Sep 6, 2018

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

Sep 4, 2018

Owens Corning - Roofing Price Momentum Hits Resistance

Sep 4, 2018

Portfolio Manager Weekly Z-Cap - Last Round of Proprietary Surveys for the Summer

Aug 31, 2018

Western Markets Report - Southwest Solid, California Still Soft

Aug 29, 2018

American Woodmark - Navigating Well in Tough Backdrop

Aug 28, 2018

Real Estate Broker Survey - Hottest Markets Cooling Down

Aug 28, 2018

American Woodmark - Organic Growth Reaccelerates; EPS Upside Driven by Below the Line Items

Aug 27, 2018

Single-Family Rental Survey - July Marks a Solid Start to the Third Quarter

Aug 27, 2018

Zelman's Weekly Tape Measure - Week of August 27, 2018

Aug 27, 2018

Portfolio Manager Weekly Z-Cap - Building Products Dynamics, Existing Home Price Points and Builder Absorptions

Aug 24, 2018

Fortune Brands Home & Security - Value Creation Evident in Fiberon Deal

Aug 24, 2018

Lowe's Companies - A Higher Bar for Execution Moving Forward

Aug 23, 2018

A Tale of Two Markets - Approaching More Balance Between Price and Volume

Aug 23, 2018

Lowe's Companies - Slightly Softer Quarter, Margin Outlook Reduced and Exiting Orchard Supply

Aug 22, 2018

Western Markets Report - Modest Sequential Improvement, Southwest Back in the Green

Aug 22, 2018

Can Absorptions Grow Despite Community Ramp? - Recent Trends Murky, But Historical Data Encouraging

Aug 22, 2018

Toll Brothers - Bucking the Trend, Surprise to the Upside

Aug 22, 2018

Toll Brothers - Strong Quarter Should Spur Relief Rally

Aug 21, 2018

Zelman's Weekly Tape Measure - Week of August 20, 2018

Aug 20, 2018

Building Products Company Takeaways - Tariffs and Builder Orders Muddy the Waters; Downgrade IBP

Aug 20, 2018

Building Products Survey - Solid Top-Line, But Costs Still Restrain Margins

Aug 20, 2018

Thoughts on BLD and IBP - Storm Clouds on the Horizon Increase Downside Risk; Downgrading IBP to Hold

Aug 20, 2018

Portfolio Manager Weekly Z-Cap - First Round of July Surveys Across Housing Mosaic

Aug 17, 2018

Apartment Transactions Survey - Leading New Construction Indicators Point to Elevated Activity

Aug 17, 2018

Multi-Family Market-Level Forecasts - Tweaking Forecasts Higher on Broad Economic Strength

Aug 17, 2018

Mortgage Survey - Purchase Growth Slows as Pricing Pressures Affordability

Aug 16, 2018

Toll Brothers - Below-Consensus 3Q18 Outlook Leaves us Cautious on Stock into Earnings

Aug 15, 2018

Western Markets Report - No Signs of Improvement

Aug 15, 2018

Underwrite This, Amortize That - An Investor's Guide to Housing Finance Aug 2018

Aug 15, 2018

Mortgage Originator Views - Heightened Competition Expected to Persist Until Early 2019

Aug 15, 2018

The Home Depot - The Home Improvement Consumer Powers On

Aug 15, 2018

Five Point Holdings - Quarter Consistent With Expectations, but Tweaking Intermediate-Term Estimates Lower

Aug 14, 2018

The Home Depot - Solid Upside as Expected

Aug 14, 2018

Apartment Survey - Modest Pricing Improvement Early in the Quarter

Aug 14, 2018

Zelman's Weekly Tape Measure - Week of August 13, 2018

Aug 13, 2018

Invitation Homes - Trimming Estimates on Near-Term Challenges, Long-Term Outlook Still Favorable

Aug 13, 2018

Homecenter Survey - July Caps Rebound Quarter; Upside Evident for HD Earnings

Aug 13, 2018

Homebuilding Survey - Another Soft Order Month as Price Appreciation Takes its Toll

Aug 13, 2018

Portfolio Manager Weekly Z-Cap - Thoughts on Builders' Community Count and Earnings

Aug 10, 2018

Invitation Homes - Solid Top Line and Merger Synergies Offset By Higher Capital Spending

Aug 10, 2018

Redfin - Near-Term Challenges Give Pause

Aug 10, 2018

Weekly Western Markets Homebuilding Trends - Another Week of Double-Digit Declines

Aug 9, 2018

Armstrong Flooring - Wood Improvement Sets Higher Bar

Aug 8, 2018

TopBuild - A Model of Consistent Execution

Aug 8, 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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