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

Contacts Weigh in on Tax Reform - Near-Term Positive, But Ultimate Impact Still to be Determined

Jan 19, 2018

MGIC Investment - More Room to Run, Still a Top Pick

Jan 19, 2018

Calendar 4Q17 Homebuilder Earnings Preview - Raising Order Estimates, Valuation on Strong Survey Results

Jan 19, 2018

MGIC Investment - Upside as Lower Losses Offset Weaker Premiums

Jan 18, 2018

Building Products Company Takeaways - OC, SWK Set Up Best for 4Q17 EPS

Jan 18, 2018

Building Products Survey - A Strong Close to a Solid 2017

Jan 18, 2018

Homecenter Survey - Home Improvement Spending Humming Along

Jan 18, 2018

Radian Group - Improving Its PMIERs Cushion

Jan 17, 2018

Western Markets Report - Double-Digit Gains Continue

Jan 17, 2018

Zelman's Weekly Tape Measure - Week of January 16, 2018

Jan 16, 2018

Mortgage and Title Insurance Earnings Previews - Still Constructive on Housing Demand, Tax Savings

Jan 16, 2018

Homebuilding Survey - Consistent Strength

Jan 16, 2018

Portfolio Manager Weekly Z-Cap - Apartment Survey Checks Reaffirm 4Q17 Public REIT Forecasts

Jan 12, 2018

The Floor Plan - An Investor's Guide to Rental Housing Jan 2018

Jan 12, 2018

Apartment Survey - Trends Starting to Stabilize at Low Levels But Supply Looms

Jan 12, 2018

KB Home - Simply Executing

Jan 11, 2018

Lennar - Remaining our Top Homebuilder Stock Pick

Jan 11, 2018

Western Markets Report - Strong Bounce Back to Start The Year

Jan 10, 2018

Lennar - Noisy Quarter, But Core Business Running Well

Jan 10, 2018

Community by Community - Store Count Staying Flat

Jan 10, 2018

Masco - Lighting the Path to M&A

Jan 8, 2018

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

Jan 8, 2018

Portfolio Manager Weekly Z-Cap - Macro and Stock-Specific Impacts of Tax Reform on Housing

Jan 5, 2018

Expecting Builder Rally to Continue - Analyzing 2017's Gains and Implications for the New Year

Jan 5, 2018

KBH and LEN Earnings Preview - Raising Valuations Due to Tax Reform, Synergies

Jan 5, 2018

Zelman Top Idea Basket - Adding TMHC, Removing INVH; Downgrading IBP, LOW and OC

Jan 5, 2018

Tax Reform and Housing - A Look at Macro and Stock-Specific Impacts

Jan 5, 2018

Western Markets Report - Slow Holiday Week, But Smoothed Trends Strong

Jan 4, 2018

Zelman's Weekly Tape Measure - Week of January 2, 2018

Jan 2, 2018

Western Markets Report - Not Missing a Beat Into Year End

Dec 29, 2017

Zelman's Weekly Tape Measure - Week of December 26, 2017

Dec 26, 2017

Portfolio Manager Weekly Z-Cap - Final Serving of Macro Forecasts, Proprietary Surveys For 2017

Dec 22, 2017

Single-Family Rental Survey - Near-Term Softness, But Long-Term Outlook Still Solid

Dec 22, 2017

Real Estate Broker Survey - Ending the Year on Solid Footing

Dec 22, 2017

Hovnanian Enterprises - The Cash is Building, but the Runway is Shrinking

Dec 22, 2017

Hovnanian Enterprises - A Solid End to the Year, but Concerns Persist

Dec 21, 2017

Macro Housing Forecasts - Better-Than-Expected Momentum into 2018

Dec 21, 2017

Phoenix Apartment Market in Focus - Forecasting a Solid, but Softening Growth Outlook

Dec 21, 2017

Western Markets Reports - More of the Same

Dec 20, 2017

Mortgage Originator Survey - Expanding Credit Availability as Competition Heats Up

Dec 19, 2017

Zelman's Weekly Tape Measure - Week of December 18, 2017

Dec 18, 2017

Building Products Company Takeaways - Outlook Remains Favorable, Relative Winners from Tax Reform

Dec 18, 2017

Building Products Survey - Growth Moderates After Storm Lift

Dec 18, 2017

Homecenter Survey - Demand Slows After Storms; Now Tax Changes in Spotlight

Dec 18, 2017

Portfolio Manager Weekly Z-Cap - Surveys Highlight Single-Family Strength While Urban Multi-Family Remains Soft

Dec 15, 2017

Apartment Survey - Temporary Stabilization Encouraging, But Softer Growth Holds

Dec 14, 2017

The Blueprint: An Investor's Guide to Homebuilding Dec 2017

Dec 13, 2017

Western Markets Report - Double-Digit Growth Showing No Signs of Abating

Dec 13, 2017

Homebuilding Survey - Order Growth Jumps to Second-Strongest Level of the Year

Dec 12, 2017

Zelman's Weekly Tape Measure - Week of December 11, 2017

Dec 11, 2017

Zelman Top Idea Basket - Adding CLGX at Buy and Removing HD

Dec 11, 2017

FHA Loan Limits Moving Higher in 2018 - A Positive in Majority of Key Housing Markets

Dec 11, 2017

The Home Depot - Proactively Investing as Industry Leader but Valuation Upside Limited

Dec 11, 2017

Portfolio Manager Weekly Z-Cap - As Expected, FHA Lifts Loan Limits for 2018

Dec 8, 2017

Jobs and Housing - Young Adults, Entry-Level Signals Remain Favorable

Dec 8, 2017

Western Markets Reports - Robust Trends Not Slowing Into Year End

Dec 6, 2017

The Tool Kit - An Investor's Guide to Building Products and Homecenters Dec 2017

Dec 6, 2017

Toll Brothers - Still Bullish Despite Soft Margin Guidance

Dec 6, 2017

Toll Brothers - Strong Upside to Orders, but Gross Margins Soft

Dec 5, 2017

Zelman's Weekly Tape Measure - Week of December 4, 2017

Dec 4, 2017

American Woodmark - Valuation Reflects Transformational M&A

Dec 4, 2017

Portfolio Manager Weekly Z-Cap - FHFA Raises Conforming Loan Limit, Expect Similar Lift at FHA

Dec 1, 2017

American Woodmark - Quarter Soft But M&A Announcement a Significant Positive

Dec 1, 2017

Multi-Family Market-Level Forecasts - Low Growth Environment Projected Through 2019

Nov 30, 2017

South Florida Apartment Market in Focus - Flat-Lining Growth in 2018-19 Despite Solid Employment

Nov 30, 2017

Beige Book Breakout - Last Release for 2017 Posts Strong Acceleration

Nov 29, 2017

Western Markets Report - Double-Digit Growth Continues During Holiday Week

Nov 29, 2017

FHFA Raises Conforming Loan Limit Nearly 7% - Expect Similar Gain for FHA Limits, Positive for Borrowers

Nov 29, 2017

Zelman's Weekly Tape Measure - Week of November 27, 2017

Nov 27, 2017

Armstrong World Industries - International Divestiture Provides Clearer Path to Value Creation

Nov 27, 2017

Portfolio Manager Weekly Z-Cap - Wrapping Up Proprietary Surveys During The Holiday Week

Nov 24, 2017

Western Markets Report - No Signs of Slowdown

Nov 22, 2017

Single-Family Rental Survey - Rent Growth Ticks Higher After Softer September

Nov 22, 2017

Real Estate Broker Survey - Demand Stays Solid But Inventory Pressures Remain

Nov 22, 2017

Lowe's Companies - Outlook Holds Low-Teens EPS Growth

Nov 22, 2017

Lowe's Companies - Cleanest Quarter in Two Years Aligned With Above-Consensus Estimates

Nov 21, 2017

Mohawk Industries - Australian Bolt-On Highlights Opportunity for Additional M&A

Nov 20, 2017

Presentation - Client Update Conference Call

Nov 20, 2017

Zelman's Weekly Tape Measure - Week of November 20, 2017

Nov 20, 2017

Owens Corning - More Positive Following Analyst Day, Continued Momentum in Portfolio

Nov 20, 2017

Building Products Company Takeaways - Extended Housing Market Recovery Drives Upbeat Sector View

Nov 20, 2017

Building Products Survey - Storms Boost Fades But 4Q17 Off to Healthy Start in October

Nov 20, 2017

Portfolio Manager Weekly Z-Cap - Proprietary Surveys Point to Diverging Trends in Single- and Multi-Family Markets

Nov 17, 2017

Apartment Takeaways from NAREIT - Setting the Tone for Normalized, Stable Growth in 2018

Nov 17, 2017

Underwrite This, Amortize That - An Investor's Guide to Housing Finance Nov 2017

Nov 16, 2017

FHA Audit Shows Decline in Total Reserves - Premium Cut Unlikely but Aiming to Improve Program

Nov 16, 2017

Mortgage Originator Survey - Purchase Growth Rebounds After Storms

Nov 16, 2017

Western Markets Report - Year-Over-Year Growth Surges

Nov 15, 2017

Beazer Homes - Balancing the Risk-Reward

Nov 15, 2017

Constructing a Non-Residential Picture - Improved New Construction Supports Spending Forecasts

Nov 15, 2017

The Home Depot - Gaining Share in Strong Environment

Nov 15, 2017

USG - Another Player in Ceilings M&A

Nov 14, 2017

The Home Depot - Core Spending Humming Along

Nov 14, 2017

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

Nov 13, 2017

Apartment Survey - Several Signs That Revenue Reacceleration Unlikely in 2018

Nov 13, 2017

Homecenter Survey - Solid Momentum After Hurricanes and Into HD/LOW Earnings

Nov 13, 2017

Homebuilding Survey - Fundamentals Remain Solid Into Year End

Nov 13, 2017

Portfolio Manager Weekly Z-Cap - Household Formations Running Stronger than Government Data Suggests

Nov 10, 2017

Invitation Homes - High Growth at Reasonable Value

Nov 10, 2017

Essent Group - Robust Growth Reflected in Valuation

Nov 10, 2017
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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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