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
 

Explore Research

CHOOSE A COVERAGE SECTOR:

Select All


Apartments


Building Products


Demographics


Homebuilding


Homecenters


Macro Housing


Mortgage Finance


Real Estate Services


Single-Family Rental

Meritage Homes - Revenue Drives EPS Upside But Gross Margins Languish

Apr 27, 2017

First American Financial - Home Purchase Revenue Drives Solid Title Results

Apr 27, 2017

USG - 1Q17 EPS Below Estimates Due to Inflationary Pressures

Apr 27, 2017

Radian Group - Mixed Quarter with Weaker Premiums but Stronger IIF Growth

Apr 27, 2017

The New Home Company - Strong Quarter; Forward Guidance Unchanged

Apr 27, 2017

Taylor Morrison - Impressive Orders, But Guidance Seems Light

Apr 27, 2017

Owens Corning - Cash Flow, Valuation Too Cheap to Ignore

Apr 27, 2017

M/I Homes - Still More Room to Run

Apr 27, 2017

CoreLogic - Laying the Groundwork for a Solid 2017

Apr 27, 2017

Mid-America Apartment Communities - Guidance Tweaked Modestly Higher on Solid 1Q17 Results

Apr 26, 2017

TRI Pointe Homes - An Encouraging Step

Apr 26, 2017

AvalonBay Communities - Marginal 1Q17 Upside, But Same-Store Pricing Trends Still Soft

Apr 26, 2017

Fortune Brands Home & Security - Beat and (Modest) Raise

Apr 26, 2017

M/I Homes - Strong Quarter, Compelling Entry Point

Apr 26, 2017

Owens Corning - 1Q17 Strong But Forward Roofing Commentary to Govern Stock Reaction

Apr 26, 2017

TRI Pointe Homes - In Line Quarter, Positive Outlook In Tact

Apr 26, 2017

Western Markets Report - Growth Pauses Against Difficult Year-Ago Compares

Apr 26, 2017

CoreLogic - Timing of Cost Reductions Masks Underlying Earnings Strength

Apr 26, 2017

Equity Residential - 1Q17 Results In Line, Guidance Unchanged

Apr 25, 2017

Masco - Improved Execution, Housing Tailwinds Support Valuation Upside

Apr 25, 2017

PulteGroup - Remaining on the Sidelines

Apr 25, 2017

Masco - Unexpected Upside in 1Q17

Apr 25, 2017

PulteGroup - Stock May Take a Breather Following Mixed Quarter

Apr 25, 2017

Real Estate Broker Survey - Robust Entry-Level Demand Fueling the Market

Apr 25, 2017

Land Development Survey - Land Deals Picking up Alongside Positive Homebuyer Demand

Apr 25, 2017

UDR - Modest First Quarter Upside, But Incremental Pricing Soft

Apr 24, 2017

Zelman's Weekly Tape Measure - Week of April 24, 2017

Apr 24, 2017

Denver's Apartment Market in Focus - Supply Outlook Onerous, But Dispersed Away from REITs

Apr 24, 2017

Apartment Association Index Picks Up - April Reading Less Negative But Still Implies Deceleration

Apr 24, 2017

Stanley Black & Decker - A Housing-Tied Industrial

Apr 24, 2017

Single-Family Rental Survey - Quarter Ends With Strong Momentum and Tight Supply

Apr 24, 2017

Portfolio Manager Weekly Z-Cap - Zelman Survey Results Confirmed as 1Q17 Earnings Begins

Apr 21, 2017

Stanley Black & Decker - Tools Margin, Industrial Rebound Drive 1Q17 Upside and Stronger 2017 Outlook

Apr 21, 2017

Stewart Information Services - Great Quarter But Expected Margin Improvement Already Priced In

Apr 21, 2017

MGIC Investment - Still our Top Idea in the Space

Apr 21, 2017

NVR - Still a Compelling Lower-Risk Buy

Apr 21, 2017

Sherwin-Williams - Paint Stores Firing on All Cylinders

Apr 21, 2017

D.R. Horton - A Well Oiled Machine

Apr 20, 2017

NVR - Mixed Quarter as Volume Misses but Margins Improve

Apr 20, 2017

MGIC Investment - Core Results in Line

Apr 20, 2017

Sherwin-Williams - Store Comps Lead 1Q17 Upside, Underlying 2017 Guidance Reiterated

Apr 20, 2017

D.R. Horton - In Line With Our Above-Consensus View

Apr 20, 2017

Beige Book Breakout - Index Stable at Elevated Level, Better Than Prior Three Years

Apr 20, 2017

Western Markets Report - A Holiday Breather

Apr 19, 2017

Title Insurer and Mortgage Tech Earnings Preview - Healthy Purchase Volumes Keep Us Positive

Apr 19, 2017

Mortgage Insurance 1Q17 Earnings Preview - Potential Upside to Above-Consensus Volume Outlook

Apr 19, 2017

Proprietary Look at Builder Price Points - Demand for Entry Level Remains Strong as Supply Increases

Apr 19, 2017

Apartment REIT Earnings Preview - Potential 1Q17 Upside Temporary, Further Pressures Lie Ahead

Apr 19, 2017

Building Products Company Takeaways - Another Round of Strong Results Expected in 1Q17

Apr 18, 2017

Building Products Survey - Strong Fundamentals Continued in March, Capping Solid 1Q17

Apr 18, 2017

Homecenter Survey - Lapping Tough Comps Without Much Problem, Upside Evident

Apr 18, 2017

Calendar 1Q17 Homebuilder Earnings Preview - Strong Quarter Expected, Supporting Positive Long-Term View

Apr 17, 2017

Mortgage Originator Survey - Purchase Growth Moderated by Tight Inventory

Apr 17, 2017

Zelman's Weekly Tape Measure - Week of April 17, 2017

Apr 17, 2017

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

Apr 17, 2017

Portfolio Manager Weekly Z-Cap - March Survey Caps a Strong 1Q17 for Builders

Apr 13, 2017

Apartment Survey - Modest 1Q17 REIT Upside, But Soft End to the Quarter

Apr 13, 2017

Western Markets Report - Activity Continues to be Strong

Apr 12, 2017

Raising 1Q17 Public Builder Order Estimates - We Now Expect 12% Growth; Ahead of Consensus at 8%

Apr 12, 2017

Homebuilding Survey - Another Solid Month as Price Appreciation Mounting

Apr 12, 2017

UCP - Merging With Century Communities

Apr 11, 2017

Title Business Is Good, And Others Are Noticing - Newer Entrants See Opportunity as Crisis-Era Problems Fade

Apr 10, 2017

Zelman's Weekly Tape Measure - Week of April 10, 2017

Apr 10, 2017

Framing Recent Lumber Headwinds - Top Picks, DHI and LEN, Better Positioned To Handle Volatility

Apr 10, 2017

Portfolio Manager Weekly Z-Cap - Construction Sector Employment Leads Growth in 1Q17

Apr 7, 2017

Jobs and Housing - Construction Labor and Wages Rising Faster Than Average

Apr 7, 2017

Metro Employment Trends and Housing - Softening Trends Persist Early in the Year, But Still Strong

Apr 7, 2017

Community by Community - Community Growth Flat Lines as Absorptions Accelerate

Apr 6, 2017

Western Markets Report - Strongest Sales Pace Since 2006

Apr 5, 2017

Invitation Homes - Industry-Leading Rent Growth Thus Far

Apr 4, 2017

The Floor Plan - An Investor's Guide to Rental Housing Apr 2017

Apr 3, 2017

Zelman's Weekly Tape Measure - Week of April 3, 2017

Apr 3, 2017

Portfolio Manager Weekly Z-Cap - Strong Start to 2017, but Macro Forecasts Largely Unchanged

Mar 31, 2017

The Zelman Market Scorecard - Fundamentals Remain Solid On Absolute Basis

Mar 31, 2017

Meritage Homes - Analyst Day Highlights Focus on Accelerating Entry Level

Mar 31, 2017

Single-Family Rental Survey - Demand Indicators Positive, Aiding Rents and Occupancy

Mar 30, 2017

Western Markets Report - Robust Growth to Close 1Q17

Mar 29, 2017

Macro Housing Forecasts - Strong Start to Year in a Lost Decade for Housing

Mar 29, 2017

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

Mar 27, 2017

Real Estate Broker Survey - Strong Demand into the Spring Selling Season

Mar 27, 2017

Portfolio Manager Weekly Z-Cap - Positive Takeaways from Atlanta Meetings

Mar 24, 2017

Atlanta Trip Highlights - More Signs of Acceleration

Mar 24, 2017

KB Home - Baby Got Back(log)

Mar 24, 2017

Western Markets Report - Growth Remains Healthy

Mar 22, 2017

Lennar - Strong Execution and Fundamentals Leave Us Bullish

Mar 22, 2017

Lennar - Slightly Ahead of Street Expectations

Mar 21, 2017

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

Mar 20, 2017

San Diego's Apartment Market in Focus - Concerning New Supply, Heavily Concentrated Downtown

Mar 20, 2017

Portfolio Manager Weekly Z-Cap - February Building Product Checks Point to Acceleration

Mar 17, 2017

KBH and LEN Earnings Preview - Reiterate Both Stocks as Top Builder Idea

Mar 17, 2017

Building Products Company Takeaways - Fundamentals Tracking Ahead of Expectations

Mar 16, 2017

Building Products Survey - Another Solid Reading in February Despite Tough Comps

Mar 16, 2017

Homecenter Survey - 5% Growth for HD/LOW Against Most Difficult Comp of Year

Mar 16, 2017

Western Markets Report - Solid Activity Continues

Mar 15, 2017

Framing Our Mortgage Insurance Growth Outlook - Remaining Constructive but Highlighting Near-Term Risk

Mar 15, 2017

Metro and Submarket Supply Surveillance - 2017 Supply Outlook Onerous, Incrementally Worse for CPT

Mar 15, 2017

Mortgage Originator Survey - Purchase Application Growth Decelerated Year to Date

Mar 15, 2017

Apartment Survey - Temporary Relief Ahead of Heavy Supply During Peak Leasing

Mar 14, 2017

First American Financial - Valuation Compelling Given Exposure to Elongated Purchase Cycle and Potential Upside From Data

Mar 14, 2017

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

Mar 13, 2017
View More

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

Homebuilding Survey - Another Solid Month, Outlook Encouraging

Feb 10, 2016

Homebuilding Survey - A Strong End to the Year

Jan 12, 2016

Presentation - 2015 Housing Summit

Sep 10, 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

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

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

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

The Housing Waterfall - The Powerful Employment Multiplier of Housing

Aug 6, 2013

The New Old Thing - The Economics of Single-Family Rentals

Jan 8, 2013

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

The Shrinking Shadow - Home Prices Respond to Supply-Demand Imbalance

Sep 10, 2012

Shining a Bright Light on the Shadow - Why What's Lurking Doesn't Concern Us

Mar 29, 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

2011 Housing Summit Wrap-Up - Digging Through It All in Dallas

Sep 26, 2011

GSE Foreclosure Rental Strategy - An Opportunity Awaits the GSEs to Aid Housing Recovery

Sep 7, 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

White Paper or White Noise? - Let the Debates Begin

Feb 14, 2011

Confidence is Contagious - The Consumer's Perception of Housing

Feb 7, 2011

Putting Facts Behind Housing's "Third Rail" - Mortgage Interest Deduction at Risk...

Dec 14, 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

A Lost Decade for Housing? - Our View on Long-Term Housing Fundamentals

Aug 5, 2010

Foreclosure Pipeline to Govern Home Price Inflation - A Dialogue with Mortgage Servicers and Policy Officials

May 18, 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

Plan Misses the Point Without Principal Reduction

Feb 18, 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
View More

Not a Client?

Inquire further about Zelman & Associates' Institutional Investor Research