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


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Homebuilding


Homecenters


Macro Housing


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Real Estate Services


Single-Family Rental

Western Markets Report - Back to Double-Digit Growth, at Least for This Week

Apr 19, 2018

Apartment REIT Earnings Preview - Let the Forward Supply Debate Continue

Apr 19, 2018

MGIC Investment - Significant Upside Once Pricing Sentiment Stabilizes

Apr 19, 2018

Beige Book Breakout - New Moderation but Still Strong in Absolute Terms

Apr 18, 2018

MGIC Investment - Upside as Lower Losses Offsets Weaker Revenue

Apr 18, 2018

Building Products Company Takeaways - Lukewarm 1Q18 Set Up; Rest of 2018 Should be More Positive

Apr 18, 2018

Building Products Survey - Revenue Growth on Trend Line in March, Margins Recovering

Apr 18, 2018

Homecenter Survey - Fiscal 1Q18 Running Behind Thus Far

Apr 18, 2018

Solid Builder Earnings Amidst Bearish Sentiment - Expect an In Line Quarter, Positive Commentary

Apr 17, 2018

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

Apr 16, 2018

Above Consensus for Mortgage and Title Insurers - Largely Due to Volume Outlook

Apr 16, 2018

Mortgage Survey - Purchase Trends Mixed in March but Still Positive

Apr 16, 2018

Portfolio Manager Weekly Z-Cap - Final Round of 1Q18 Survey Checks; Solid Builder Order Growth While Apartment Trends Moderate

Apr 13, 2018

Apartment Survey - Capital Looking Past Moderating Fundamentals, Raising Risk

Apr 13, 2018

Homebuilding Survey - Growth Stabilizes at Healthy Levels Alongside Rate Stability

Apr 12, 2018

Western Markets Report - A Soft Week

Apr 11, 2018

Community by Community - Builder Community Count Finally Inflects Slightly Higher

Apr 10, 2018

MTG Reduces Borrower-Paid Rates - Reducing Fair Values 15% as Tax Savings Get Competed Away

Apr 9, 2018

Zelman's Weekly Tape Measure - Week of April 9, 2018

Apr 9, 2018

Portfolio Manager Weekly Z-Cap - Jobs and MHK Thoughts

Apr 6, 2018

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

Apr 6, 2018

Lennar - CAA Integration Well On Track, Supporting Bull Thesis

Apr 5, 2018

Western Markets Report - Expected Holiday Pause

Apr 4, 2018

Lennar - A Strong Quarter and Detailed Disclosures Should Propel Stock Higher

Apr 4, 2018

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

Apr 2, 2018

Five Point Holdings - Relatively Quiet Quarter, Longer-Term Views Unchanged

Apr 2, 2018

Portfolio Manager Weekly Z-Cap - Home Price Outlook Underpinned by Inventory, Interest Rates

Mar 29, 2018

Tampa Apartment Market in Focus - On the Brighter Side of Market Trends

Mar 29, 2018

Western Markets Report - New Community Openings Spur Spike in Traffic

Mar 28, 2018

The Art of Measuring Home Prices - Upside to Begin 2018, Inventory Offsetting Rates

Mar 28, 2018

Single-Family Rental Survey - A Healthy Start to the Leasing Season

Mar 27, 2018

USG - Reasonable Chance of Takeout, Raising Fair Value

Mar 26, 2018

Zelman's Weekly Tape Measure - Week of March 26, 2018

Mar 26, 2018

Portfolio Manager Weekly Z-Cap - Updated Macro Forecasts and Immigration Concerns

Mar 23, 2018

KB Home - Another Positive Quarter Despite Rate Concerns

Mar 23, 2018

Repainting the Aisle - SHW Hitches Itself to LOW; No Impact to MAS at HD

Mar 23, 2018

Real Estate Broker Survey - The Focus Is Inventory, Not Interest Rates

Mar 23, 2018

Ellie Mae - Long-Term Targets Achievable for Most Part But Still Some Bridges to Cross

Mar 22, 2018

Macro Housing Forecasts - After a Long Fight, Mid-Cycle Activity within Sight

Mar 22, 2018

Western Markets Report - Oscillating Trends Continue

Mar 22, 2018

Fidelity National Financial - Strong Opportunity with Upside

Mar 20, 2018

Zelman's Weekly Tape Measure - Week of March 19, 2018

Mar 19, 2018

ICE Cracking Down on Construction Immigrants - Another Potential Headwind to Tight Labor

Mar 19, 2018

Mortgage Survey - Solid Results Despite Recent Rise in Rates

Mar 19, 2018

KBH and LEN Earnings Preview - Positive on KBH; Updating LEN Estimates for CAA Closing

Mar 19, 2018

Portfolio Manager Weekly Z-Cap - Full Week of Industry Surveys

Mar 16, 2018

Building Products Company Takeaways - Cost Inflation Limits Near-Term Upside, but Valuation Attractive

Mar 16, 2018

Building Products Survey - Revenue Growth Recovers in February, but Costs Still Elevated

Mar 16, 2018

Homecenter Survey - Weather Again Tempers Spending

Mar 16, 2018

Western Markets Report - A Step in the Right Direction

Mar 15, 2018

Apartment Survey - Solid February Positions REITs for Modest Upside in 1Q18

Mar 15, 2018

American Woodmark - Bit by Slower Growth and Cost Inflation

Mar 13, 2018

Freddie Mac Pilot Introduces Insurance Alternative - Puts and Takes, but Minimal Near-Term Risk for Insurers

Mar 13, 2018

Homebuilding Survey - Builders Still Bullish, but Data More Mixed Than Prior Months

Mar 13, 2018

Zelman's Weekly Tape Measure - Week of March 12, 2018

Mar 12, 2018

Portfolio Manager Weekly Z-Cap - Jobs, Rates, Household Formation and Multi-Family

Mar 9, 2018

Jobs and Housing - Entry-Level Income Growth Best Since July 2011

Mar 9, 2018

American Woodmark - Slower Growth Will Pressure Shares

Mar 9, 2018

Hovnanian Enterprises - Return to Profitability Pushed Out Further

Mar 9, 2018

USG - Analyst Day Highlights Fresh Approach

Mar 9, 2018

Metro New York Apartment Market in Focus - Elevated Supply Pressure Expected Through 2019

Mar 9, 2018

Multi-Family Market-Level Forecasts - Lifting Our 2018-19 Estimates, But Low Growth to Persist

Mar 9, 2018

Hovnanian Enterprises - Liquidity Picture Improved, but a Long Way to Go Toward Profitability

Mar 8, 2018

Western Markets Report - Modest Decline in Activity Amid Rate Uncertainty

Mar 8, 2018

Uncertainty Around Rates on the Rise - Lowering Fair Values by 3%, but Priced in for Large Caps

Mar 8, 2018

Turning the Lights on Household Formation - 2017 Turned Out Better Than We Thought

Mar 8, 2018

Uncertainty Around Rates on the Rise - Reducing Builder Fair Value Targets by 9%, On Average

Mar 8, 2018

Beige Book Breakout - Strong Release Leaves 1Q18 at Highest Level Since 4Q14

Mar 7, 2018

Armstrong Flooring - Continued Headwinds Entering 2018

Mar 7, 2018

Armstrong Flooring - Despite Further Sales Contraction, 4Q17 EBITDA Ahead of Estimate

Mar 6, 2018

Ply Gem Holdings - 4Q17 Results Consistent with Expectations

Mar 5, 2018

TopBuild - Insulating the Future, USI Purchase Highly Accretive

Mar 5, 2018

Zelman's Weekly Tape Measure - Week of March 5, 2018

Mar 5, 2018

Portfolio Manager Weekly Z-Cap - Wrapping Up January Surveys

Mar 2, 2018

Thoughts Post BLD and IBP Earnings - Likely Choppiness in 1Q18, but Cyclical Compounding Intact

Mar 1, 2018

Lowe's Companies - Balancing Many Initiatives Raises Risk

Mar 1, 2018

Single-Family Rental Survey - On Balance, January Supports Outlook for Persistent Strength

Feb 28, 2018

CoreLogic - A More Visible Path to Margin Improvement

Feb 28, 2018

Armstrong World Industries - Same Song for 2018

Feb 28, 2018

Installed Building Products - Puzzling Disappointment in 4Q17

Feb 28, 2018

Western Markets Report - Steady, Modest Growth as Rate Concerns Linger

Feb 28, 2018

Realogy Holdings - Execution the Name of the Game

Feb 28, 2018

Lowe's Companies - A Lot of Explaining to Do

Feb 28, 2018

Toll Brothers - Rate Concerns Overwhelm Great Quarter

Feb 28, 2018

TopBuild - Solid Upside to 4Q17, Muted 2018 Guidance Likely Conservatively Tilted

Feb 27, 2018

CoreLogic - Margins Shine Amid Transition Away from Legacy Valuations Clients

Feb 27, 2018

Toll Brothers - Blowing Past Expectations Despite Tough Comps

Feb 27, 2018

Real Estate Broker Survey - Buyer Demand More Solid Than Macro Headlines

Feb 27, 2018

Armstrong World Industries - Noisy Release as Top Line Upside Offset by Margin Shortfall

Feb 26, 2018

Zelman's Weekly Tape Measure - Week of February 26, 2018

Feb 26, 2018

RE/MAX Holdings - Resetting the Bar Post Investigation

Feb 26, 2018

American Homes 4 Rent - Introducing 2019 Estimates, Outlook Attractive for Patient Investors

Feb 26, 2018

Invitation Homes - Attractive Cash Flow Growth Outlook Intact

Feb 26, 2018

Portfolio Manager Weekly Z-Cap - Zelman Market Scorecard Captures Healthy Homebuilding Fundamentals

Feb 23, 2018

The Zelman Market Scorecard - Proprietary Analysis Highlights Favorable Fundamental Backdrop

Feb 23, 2018

RE/MAX Holdings - Investigation Overhang Removed

Feb 23, 2018

American Homes 4 Rent - 4Q17 Results in Line, Guidance Mixed

Feb 22, 2018

Invitation Homes - Solid Quarter but Mixed 2018 Outlook

Feb 22, 2018

Western Markets Report - Modest Growth Off of Tough Comps

Feb 22, 2018

Owens Corning - Warming Up, But Not Ready to Pull the Trigger

Feb 22, 2018
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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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