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

BKI and CLGX Earnings Previews - We Expect Conservative 2020 Guidance from Both

Feb 11, 2020

Masco - Softer-Than-Expected Results and 2020 Guidance

Feb 11, 2020

Fidelity National Financial - Acquisition Adds Diversity, but at What Multiple?

Feb 10, 2020

Tape Measure - Week of February 10, 2020

Feb 10, 2020

Portfolio Manager Weekly Z-Cap - Land Demand Improves Across All Segments, Entry-Level the Strongest

Feb 7, 2020

Jobs and Housing - Stronger Headline, Housing Read-Throughs Staying Positive

Feb 7, 2020

AvalonBay Communities - Build It and Growth Will Come

Feb 7, 2020

Century Communities - Getting to the Promised Land

Feb 7, 2020

Radian Group - Reducing Estimates Slightly

Feb 6, 2020

Stewart Information Services - Early Progress Encouraging, but a High Bar Going Forward

Feb 6, 2020

M/I Homes - A Compelling Opportunity All Things Considered

Feb 6, 2020

Banking Survey - Expect AD&C Loan Growth to Inflect Higher

Feb 6, 2020

Radian Group - Core Results In Line with Consensus

Feb 6, 2020

Taylor Morrison - 2020 Shaping Up to be an Exciting Year

Feb 6, 2020

AvalonBay Communities - Guidance in Line, Growth Outlook Likely Second-Best Among Peers

Feb 5, 2020

Stewart Information Services - Noisy Quarter; Higher Losses Drive Weaker-Than-Expected EPS

Feb 5, 2020

M/I Homes - Incremental Margin Results Light, But Pullback is an Overreaction

Feb 5, 2020

Western Markets Report - Another Step Up in Sales Activity

Feb 5, 2020

Taylor Morrison - A Noisy Quarter, but Fantastic Orders

Feb 5, 2020

MGIC Investment - Positive Story at Attractive Valuation

Feb 4, 2020

MGIC Investment - Positive Capital Announcement

Feb 4, 2020

Constructing a Non-Residential Picture - Several Leading Indicators Point to Slightly Better 2020 Growth

Feb 4, 2020

Toll Brothers - Share Buybacks Continuing in Earnest

Feb 4, 2020

Tape Measure - Week of February 3, 2020

Feb 3, 2020

An Eventful Week in Real Estate Services - Better Macro Trends and Innovation Across the Value Chain

Feb 3, 2020

Essex Property Trust - Past Performance is Not Indicative of Future Returns

Feb 3, 2020

Camden Property Trust - Valuation Pricey as Growth Moderates and Leverage Rises, Downgrading to Sell

Feb 3, 2020

AIMCO - All Cash Flows are Not Created Equal

Feb 3, 2020

Land Development Survey - Demand Moves Higher But Supply Not Yet Following

Feb 3, 2020

Portfolio Manager Weekly Z-Cap - Despite Mixed Macro Data, Surveys and Public Companies Highlight For-Sale Strength

Jan 31, 2020

Sherwin-Williams - Investing for the Long-Term

Jan 31, 2020

Mid-America Apartment Communities - There's More Where That Came From

Jan 31, 2020

M.D.C. Holdings - No Need to Jump in Right Now

Jan 31, 2020

Beazer Homes - Riding the Wave of a Strong Market, but Growth Set to Slow Significantly

Jan 31, 2020

Camden Property Trust - 4Q19 Results Modestly Stronger, 2020 Outlook in Line

Jan 31, 2020

Meritage Homes - Set Up for a Solid 2020 and a Great 2021

Jan 31, 2020

AIMCO - Core FFO Guidance in Line with Expectations, With Deleveraging Planned

Jan 30, 2020

Macro Housing Quick Take - Homeownership Surges, Supply Hitting Multi-Decade Lows

Jan 30, 2020

Sherwin-Williams - Soft Results and Guidance

Jan 30, 2020

M.D.C. Holdings - Incremental Data Raise Some Questions

Jan 30, 2020

Fortune Brands Home & Security - Fundamentals Strengthening Entering 2020

Jan 30, 2020

Mid-America Apartment Communities - Higher Same-Store Expenses Drive 2020 Guidance Shortfall

Jan 30, 2020

Stanley Black & Decker - Not Immune to a Slower Global Market

Jan 30, 2020

Equity Residential - Balancing Still Challenged Fundamentals with Better Capital Allocation, Upgrading to Hold

Jan 30, 2020

Western Markets Report - Fourth Strongest Week of the Cycle

Jan 30, 2020

Essex Property Trust - 2020 Guidance Reflects Decelerating Core FFO Growth

Jan 29, 2020

Meritage Homes - Another Stellar Quarter

Jan 29, 2020

Macro Housing Quick Take: Reality is Better than Pending Home Sales Suggest

Jan 29, 2020

Stanley Black & Decker - Modestly Disappointing Guidance

Jan 29, 2020

Single-Family Rental Survey - December Ends the Year on a High, Capital Availability Robust

Jan 29, 2020

Single-Family REIT Earnings Preview - 2020 Guidance Likely to Reflect Strong Industry Fundamentals

Jan 29, 2020

NVR - More Moving Pieces Than Others; Valuation Full

Jan 29, 2020

PulteGroup - Strong Execution, but Too Rich for Our Blood

Jan 29, 2020

Equity Residential - 4Q19 Results and 2020 Guidance in Line, Technology a Key Focus

Jan 28, 2020

Mortgage and Title Insurer Earnings Previews - Above Consensus for the Mortgage Insurers; On Par for Title

Jan 28, 2020

PulteGroup - Solid Orders and Commentary, Margins a Bit Light

Jan 28, 2020

D.R. Horton - Chugging Along

Jan 27, 2020

Macro Housing Quick Take - New Home Sales Data Disconnected From Reality; Moving Pieces to Stock Outlook

Jan 27, 2020

Real Estate Services 4Q19 Earnings Preview - Wind at Their Backs with Macro Acceleration

Jan 27, 2020

Real Estate Broker Survey - Momentum Continuing into the New Year

Jan 27, 2020

D.R. Horton - Across the Board Upside Against an Elevated Bar

Jan 27, 2020

Apartment Transaction Survey - Total Returns Moderating Despite Cap Rate Compression

Jan 27, 2020

Tape Measure - Week of January 27, 2020

Jan 27, 2020

Portfolio Manager Weekly Z-Cap - Expect Margin Upside for 4Q19 Building Products Results

Jan 24, 2020

Community by Community - Community Growth Moderating as Expected

Jan 24, 2020

CoreLogic - Preliminary 4Q19 Results Indicate Upside to Estimates

Jan 23, 2020

Apartment Survey - Exiting 2019 on a Moderating Note, Atlanta in Focus

Jan 23, 2020

Apartment REIT Earnings Preview - Core FFO Guidance in Focus as Same-Store Metrics Converge

Jan 23, 2020

Macro Housing Quick Take - Closing 2019 with a Strong December for Existing Home Sales

Jan 22, 2020

Western Markets Report - Off to the Races

Jan 22, 2020

Revised QM Framework Coming Soon - CFPB to Propose Eliminating DTI Threshold

Jan 21, 2020

Tape Measure - Week of January 21, 2020

Jan 21, 2020

Building Products Survey - Strong Margin Results to Close 4Q19

Jan 21, 2020

Building Products 4Q19 Earnings Preview - Lifting Estimates 5% Ahead of Consensus

Jan 21, 2020

Owens Corning - Catalysts Emerging, Upgrade to Buy

Jan 21, 2020

Portfolio Manager Weekly Z-Cap - Raising 4Q19 Builder Order Forecasts Ahead of Earnings

Jan 17, 2020

Macro Housing Quick Take - Housing Starts Data Confirm Strong Momentum in Single Family

Jan 17, 2020

Mortgage Survey - Lenders Optimistic Heading into the New Year

Jan 17, 2020

Homecenter Survey - Gradual Recovery of Home Improvement Spending Continues

Jan 17, 2020

Macro Housing Quick Take - NAHB Index Ticks Lower, but Still Among Record Highs

Jan 16, 2020

Toll Brothers - Reiterating as a Top Idea

Jan 16, 2020

Demystifying Multi-Family Supply - Non-Coastal Focused REITs Fare Better Than Coastal Peers

Jan 16, 2020

Beige Book Breakout - Strong Start to Year, Exceeding Important Threshold

Jan 15, 2020

Western Markets Report - Is It Spring Time Already?

Jan 15, 2020

Latest on State Population Trends - Media Analyses Biased to Fit Convenient Narrative?

Jan 15, 2020

Raising 4Q19 Builder Order Forecasts - Estimates Likely to Go Higher, but the Bar Has Been Elevated

Jan 14, 2020

Homebuilding Survey - Builders Feeling Good Heading into the New Year

Jan 14, 2020

Zelman's Tape Measure - Week of January 13, 2020

Jan 13, 2020

Multi-Family Market-Level Forecasts - 2020 Forecasts Suggest Slightly Softer Growth For MAA and UDR

Jan 13, 2020

Takeaways from Housing Finance Policy Meetings - All Eyes on Ending the Conservatorships... Eventually

Jan 13, 2020

Portfolio Manager Weekly Z-Cap - Builder Share of Smaller Homes Spikes to New High

Jan 10, 2020

Jobs and Housing - Subdued Headline but Still Solid Undertones for Housing

Jan 10, 2020

KB Home - Another Step Forward, But Bar Moving Higher

Jan 10, 2020

Western Markets Report - An Impressive Start to 2020

Jan 9, 2020

Proprietary Look at Builder Price Points - Another Giant Leap for Entry Level

Jan 9, 2020

Lennar - Continuing to Walk the Walk

Jan 9, 2020

Lennar - Everything Trending in the Right Direction

Jan 8, 2020

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

Jan 7, 2020

Zelman's Weekly Tape Measure - Week of January 6, 2020

Jan 6, 2020

Portfolio Manager Weekly Z-Cap - A Solid Pending Home Sales Release to Cap Off 2019

Jan 3, 2020
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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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