Proprietary Research

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

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

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

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

D.R. Horton - Solid Quarter and 2020 Guidance

Zillow Group - Risk-Reward Still Unbalanced In Our View

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

Essent Group - Continuing to Meet a High Bar

Essent Group - Top-Line Beat with Some Moving Pieces

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

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

NMI Holdings - Strong ROEs Support Valuation

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

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

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

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

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

Camden Property Trust - Fortress Balance Sheet, But Growth Moderating

Installed Building Products - Breakout Quarter

Jobs and Housing - Humming Along

TopBuild - In the Sweet Spot

Invitation Homes - Deleveraging Slower, But Still Ready to Run

The New Home Company - Still Work to be Done

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

The New Home Company - Balance Sheet Improvement Encouraging

UDR - Balancing Moderating Organic Growth with Higher External Investments

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

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

Fidelity National Financial - Capital Position Provides Options for Value Creation

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

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

Masco - Core Results Slightly Better than Expected

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

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

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

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

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

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

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

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

Mohawk Industries - Tough Flooring Trends Continue

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

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

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

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

Stanley Black & Decker - External Headwinds Clip Guidance

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

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

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

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