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

Portfolio Manager Weekly Z-Cap - More Updates in the Homebuilding and Mortgage Markets

Apr 9, 2020

Demystifying Multi-Family Supply - Near-Term Supply Risk Shifts Favorably for Coastal Names

Apr 9, 2020

Western Markets Report - Market Conditions Continue to Weaken as Cancelations Spike

Apr 9, 2020

Coronavirus Update - Huge Order Declines, but Still Selling and Building Homes

Apr 9, 2020

Mortgage Market in Complete Disarray - Assessing the Most Pressing Issues and Why They Matter

Apr 6, 2020

Tape Measure - Week of April 6, 2020

Apr 6, 2020

Portfolio Manager Weekly Z-Cap - COVID-19 Starting to Show Impact Across Coverage

Apr 3, 2020

Jobs and Housing - Young Adult Payrolls Shifting from Leader to Laggard

Apr 3, 2020

Turning the Lights on Household Formation - Demand Destruction Underway, but Supply Limits Future Risk

Apr 3, 2020

Western Markets Report - A Big Pullback in Activity

Apr 1, 2020

Coronavirus Update - Mortgage Credit Tightening Magnifies Near-Term Risk

Apr 1, 2020

Redfin - Dilutive Fortification

Mar 31, 2020

Macro Housing Quick Take - As Expected, Pending Sales Stayed Strong through February

Mar 30, 2020

Tape Measure - Week of March 30, 2020

Mar 30, 2020

Single-Family Rental Survey - Late Responses Provide a Glimpse Into Disruption Ahead

Mar 30, 2020

Portfolio Manager Weekly Z-Cap - Recasting Forecasts Across Coverage Universe as New Reality Sets In

Mar 27, 2020

KB Home - Well Positioned to Navigate the Upcoming Storm

Mar 27, 2020

The Unfortunate New Reality Presentation

Mar 26, 2020

The Art of Measuring Home Prices - As Recession Unfolds, Home Prices Likely Resilient

Mar 26, 2020

Western Markets Report - Surprisingly, Still Selling Homes Amidst COVID-19 Pandemic

Mar 25, 2020

Top Idea Basket - Adding FAF, FBHS, LEN, PHM, RMAX

Mar 25, 2020

On Precipice of Home Improvement Recession - Recasting HD, LOW Outlook in Search of Opportunity

Mar 25, 2020

Recasting Our Mortgage-Related Outlook - Opportunities Emerging for Companies Across Coverage

Mar 25, 2020

Recasting REIT Estimates in Light of a Recession - Upgrading ESS, UDR and CPT and Downgrading AMH to Hold

Mar 25, 2020

State of the Real Estate Services Stocks - Resetting to a Recessionary Baseline

Mar 25, 2020

Updated Views Across Building Products - Revising Forecasts to Reflect COVID-19 Impact

Mar 25, 2020

Updated Views Across Homebuilding Sector - Buckle up for More Volatility, but Now is the Time to Buy

Mar 25, 2020

Macro Housing Forecasts - The Unfortunate New Reality

Mar 25, 2020

Macro Housing Quick Take - New Home Sales Solid Prior to COVID-19 Hit

Mar 24, 2020

Tape Measure - Week of March 23, 2020

Mar 23, 2020

Portfolio Manager Weekly Z-Cap - COVID-19 Disruption Starting to Surface Across Surveys

Mar 20, 2020

Macro Housing Quick Take - Backward Looking but Strong February Existing Home Sales

Mar 20, 2020

Real Estate Broker Survey - COVID-19 Impact Starting to Show its Face

Mar 20, 2020

Apartment Transactions Survey - Totals Returns Positioned for an Unfavorable Double Whammy

Mar 19, 2020

Lennar - Focused on Stability Today, Opportunity Tomorrow

Mar 19, 2020

Western Markets Report - Traffic Moving Lower, but Sales Still Coming In at Solid Pace

Mar 18, 2020

Macro Housing Quick Take - Starts Surged in February Prior to COVID-19 Fears

Mar 18, 2020

Presentation - March Update Call 031720

Mar 18, 2020

Apartment Survey - COVID-19 Likely to Magnify Leasing Softness

Mar 18, 2020

Mortgage Survey - Industry Scrambling to Adapt to New Reality

Mar 18, 2020

Macro Housing Quick Take - NAHB Index Eases and Not Capturing Impact of Turmoil

Mar 17, 2020

Homecenter Survey - Initial Assessment of Home Improvement Risks

Mar 17, 2020

Building Products Survey - February Trends Solid, but Coronavirus Takes Center Stage

Mar 17, 2020

State of the Stocks - Thoughts on Builder Liquidity and Impairment Risk

Mar 17, 2020

Tape Measure - Week of March 16, 2020

Mar 16, 2020

Macro Housing Quick Take - Mortgage Rates Spiking on Covid-19 Dislocation

Mar 15, 2020

Portfolio Manager Weekly Z-Cap - Demand Holding Up, Anticipating Eventual Disruption

Mar 13, 2020

Homebuilding Survey - Market Still Holding Up Well For Now

Mar 13, 2020

State of the Builder Stocks - Unprecedented Times, but Values Emerging Across the Space

Mar 13, 2020

Western Markets Report - Buyers Rush to Capitalize on Low Rates; Traffic Trends Mixed

Mar 12, 2020

Coronavirus Update - A Solid Weekend of Traffic and Sales for Most Contacts

Mar 10, 2020

Tape Measure - Week of March 9, 2020

Mar 9, 2020

Road Trip Research - Takeaways from ESNT and RDN Headquarter Visits

Mar 9, 2020

Portfolio Manager Weekly Z-Cap - Housing Demand Trending Normally For Now

Mar 6, 2020

Jobs and Housing - A Stale Report but Housing Measures Were Positive

Mar 6, 2020

Hovnanian Enterprises - Encouraging from a Market Perspective, but Longer-Term Profitability Still Questionable

Mar 6, 2020

Macro Housing Quick Take - 10-Year Yield Plunges, but Mortgage Rate Impact Nuanced

Mar 6, 2020

Hovnanian Enterprises - Solid Read Through; Some Company-Specific Puts and Takes

Mar 5, 2020

Western Markets Report - Homebuyers Shrugging off Virus Fears for Now

Mar 5, 2020

Coronavirus Update - Housing Demand Still Strong for Now; Supply Side a Concern

Mar 5, 2020

Beige Book Breakout - Softer Even Before Latest Virus Concerns

Mar 4, 2020

Armstrong Flooring - Challenging Path Ahead

Mar 4, 2020

Western Markets Report - California Data Holding Firm Amidst Coronavirus Fears

Mar 4, 2020

Armstrong Flooring - A Messy 4Q19

Mar 3, 2020

Tape Measure - Week of March 2, 2020

Mar 2, 2020

American Homes 4 Rent - Revving All Engines, Upgrade to Buy

Mar 2, 2020

TopBuild - Upgrading to Buy

Mar 2, 2020

Portfolio Manager Weekly Z-Cap - Improvement Across Price Points in Real Estate Broker Survey

Feb 28, 2020

Installed Building Products - Entering 2020 on Strong Footing

Feb 28, 2020

American Homes 4 Rent - 4Q19 Results in Line, 2020 Guidance Slightly Below Expectations

Feb 28, 2020

Macro Housing Quick Take - As Anticipated, Strong Upside to Consensus for Pending Sales

Feb 27, 2020

CoreLogic - Refi Volumes Boost Near-Term Estimates

Feb 27, 2020

Installed Building Products - Solid End to 2019

Feb 27, 2020

Real Estate Broker Survey - Continuation of Positive Demand Trends Across Price Points

Feb 27, 2020

Zelman Top Idea Basket - Adding OC and Removing TOL

Feb 27, 2020

Toll Brothers - In the Penalty Box; Downgrading to Hold

Feb 27, 2020

Lowe's Companies - Risks Evident, but Upgrading to Buy

Feb 27, 2020

Macro Housing Quick Take - New Home Sales Data Better, But Growth Still Understated

Feb 26, 2020

Realogy Holdings - A New Day Emerging but Much Left to Prove

Feb 26, 2020

Single-Family Rental Survey - Steady Start to the Year

Feb 26, 2020

Lowe's Companies - Acceptable Quarter but Softer Guidance

Feb 26, 2020

Western Markets Report - Robust Order Growth Continues

Feb 26, 2020

TopBuild - Strong Fundamentals, but Risk-Reward Balanced

Feb 26, 2020

American Woodmark - Sell Off Presents Opportunity

Feb 26, 2020

The Home Depot - In a Good Spot

Feb 26, 2020

Toll Brothers - Profitability and Guidance Weaker Than Expected, Awaiting Further Commentary

Feb 25, 2020

TopBuild - Softer 4Q19 Volumes; 2020 Guidance Likely Conservative

Feb 25, 2020

Armstrong World Industries - Above-Market Growth Still Elusive

Feb 25, 2020

American Woodmark - Disappointing 3Q20 Results

Feb 25, 2020

Apartment Transactions Survey - Developer Confidence Rises, Likely Pressuring Future Returns

Feb 25, 2020

The Home Depot - Solid Quarter With Better Macro Tailwinds Ahead

Feb 25, 2020

Armstrong World Industries - 4Q19 Results Light, 2020 Outlook Slightly Above

Feb 24, 2020

RE/MAX Holdings - A Higher Cost for Future Growth

Feb 24, 2020

Tape Measure - Week of February 24, 2020

Feb 24, 2020

Portfolio Manager Weekly Z-Cap - Accelerating Fundamentals Drive Strength in Building Products Survey

Feb 21, 2020

Macro Housing Quick Take - A Positive Start to 2020 for Existing Home Closings

Feb 21, 2020

Zillow Group - Impressive IMT Margin Gains but Still Cautious Toward Risk-Reward

Feb 21, 2020

CR_Z_02192020

Feb 21, 2020

Mortgage Survey - Low Rates Kick Off Year on a High Note

Feb 21, 2020

CoreLogic - 2020 EBITDA Guidance Modestly Above Consensus Estimates

Feb 20, 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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