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


Demographics


Homebuilding


Homecenters


Macro Housing


Mortgage Finance


Real Estate Services


Single-Family Rental

Land Development Survey - Land Market Activity Rising Alongside Strong Homebuilding Trends

Oct 20, 2017

NVR - More Comfortable With Valuation Premium, Upgrading to Buy

Oct 20, 2017

NVR - Strong Upside to Orders and Margin

Oct 19, 2017

Apartment REIT Earnings Preview - Valuations Price in Acceleration, Risk Skewed to the Downside

Oct 19, 2017

MGIC Investment - Positive Outlook Intact

Oct 19, 2017

Western Markets Reports - Another Week of Double-Digit Growth

Oct 19, 2017

Beige Book Breakout - Index Bounces Higher, Remains Above Average

Oct 18, 2017

MGIC Investment - Solid Quarter Led by Lower Losses

Oct 18, 2017

Building Products Company Takeaways - OC, SWK Positioned for Upside in 3Q17, Some Risk Elsewhere

Oct 18, 2017

Homecenter Survey - Raising 3Q17 HD, LOW Estimates

Oct 18, 2017

Building Products Survey - Robust Revenue Growth Carries into September

Oct 18, 2017

Building Products Valuation Debate - Cyclical Opportunity Remains; Upgrading SHW and SWK

Oct 18, 2017

Multi-Family Contacts' Investing Outlook - Preferred Strategy Remains Selling Assets Given Valuations

Oct 17, 2017

Mortgage Originator Survey - Hurricanes, Calendar Headwind Slow Purchase Growth

Oct 17, 2017

Zelman's Weekly Tape Measure - Week of October 16, 2017

Oct 16, 2017

Portfolio Manager Weekly Z-Cap - Proprietary Surveys and Thoughts Ahead of Earnings Season

Oct 13, 2017

Apartment Survey - Modest, Consistent Deceleration Continues

Oct 13, 2017

Title Insurer and Mortgage Tech Earnings Preview - Weather-Related Noise Likely Not as Bad as Feared

Oct 12, 2017

Homebuilding Survey - Robust Demand Trends Despite Hurricane Headwinds

Oct 12, 2017

Calendar 3Q17 Homebuilder Earnings Preview - Updating Estimates for Hurricane Impact, Survey Results

Oct 12, 2017

Western Markets Report - Healthy Trends Persist

Oct 11, 2017

Mortgage Insurance Earnings Previews - Positive Fundamentals, but Expect Some Near-Term Noise

Oct 11, 2017

The Case for Redeveloping Aged Inventory - Investors Remain an Important Component of the Market

Oct 10, 2017

Zelman's Weekly Tape Measure - Week of October 9, 2017

Oct 9, 2017

Portfolio Manager Weekly Z-Cap - Another Rich Week of Proprietary Housing Analyses

Oct 6, 2017

HMDA Makes You Go Hmmm - Confident in Positive Purchase Credit Outlook

Oct 6, 2017

Framing Our Mortgage Insurance Growth Outlook - Low Downpayment Purchases Expected Up 10% in 2017

Oct 6, 2017

Zelman Top Idea Basket - Adding Sell-Rated ESS and Removing Sell-Rated AVB

Oct 5, 2017

Metro and Submarket Supply Surveillance - Permits and Backlog Point to Supply Headwinds Through 2019

Oct 5, 2017

Community by Community - Builder Community Count Stuck in Neutral

Oct 5, 2017

Western Markets Report - Strong, Steady Activity

Oct 4, 2017

Lennar - Accelerating Returns Should Drive Valuation Higher

Oct 4, 2017

Lennar - Gross Margin Greenshoots

Oct 3, 2017

Zelman Top Idea Basket - Adding TPH at Buy and Removing DHI at Buy

Oct 3, 2017

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

Oct 2, 2017

Zelman's Weekly Tape Measure - Week of October 2, 2017

Oct 2, 2017

Portfolio Manager Weekly Z-Cap - Updated Macro Forecasts and Private Builders Detail Storm Impacts

Sep 29, 2017

KB Home - Continuing to Deliver

Sep 29, 2017

Western Markets Report - More of The Same to Close Out 3Q17

Sep 27, 2017

Real Estate Broker Survey - Buyer Demand Ticks Down, Partly due to Houston

Sep 27, 2017

Macro Housing Forecasts - Juggling Near-Term Hurricane Impacts, Long-Term Optimism

Sep 27, 2017

Single-Family Rental Survey - Recent Underperformance Temporary Given Solid Fundamentals

Sep 26, 2017

Zelman's Weekly Tape Measure - Week of September 25, 2017

Sep 25, 2017

Portfolio Manager Weekly Z-Cap - A Full Week of Surveys, and Housing Summit Wrap Up

Sep 22, 2017

Mortgage Originator Survey - Affordability and Credit Remain Favorable

Sep 22, 2017

Western Markets Report - Strong, Steady Growth

Sep 20, 2017

Building Products Company Takeaways - Accelerating Trends Driven by Storm Repair Categories

Sep 20, 2017

Building Products Survey - An Easy Comp, Hurricane Prep Accelerate Growth in August

Sep 20, 2017

Homecenter Survey - Robust Activity in August for HD and LOW

Sep 20, 2017

KBH and LEN Earnings Preview - Updating Estimates for Recent Storms

Sep 20, 2017

The Art of Measuring Home Prices - Robust Entry-Level Pricing, But Affordability Still Solid

Sep 19, 2017

Apartment Survey - Seasonally Slow Trends Persist Late in Peak Leasing Season

Sep 19, 2017

2017 Housing Summit Wrap-Up - Let the Good Times Roll (in Single Family)

Sep 19, 2017

Presentation - 2017 Housing Summit

Sep 18, 2017

Zelman's Weekly Tape Measure - Week of September 18, 2017

Sep 18, 2017

Western Markets Report - Consistent Double-Digit Growth

Sep 13, 2017

Seattle Apartment Market in Focus - Notable Fundamental Shift, With New Supply Challenges Ahead

Sep 13, 2017

Homebuilding Survey - A Decent Month Considering the Headwinds

Sep 13, 2017

Framing the Rebuilding Lift on Building Products - Market Expectations Still Ahead of Fundamentals

Sep 12, 2017

Zelman's Weekly Tape Measure - Week of September 11, 2017

Sep 11, 2017

A Tale of Two Markets - Entry-Level Still Constrained by Inventory, High-End Improving

Sep 11, 2017

Portfolio Manager Weekly Z-Cap - Harvey for Builders, RDFN and Beige Book

Sep 8, 2017

Hovnanian Enterprises - Uncertainty in the Near and Long Term

Sep 7, 2017

Hovnanian Enterprises - Treading Water

Sep 7, 2017

Western Markets Report - Solid Activity Through Holiday Weekend

Sep 7, 2017

Beige Book Breakout - Stable Reading Breaks String of Three Consecutive Declines

Sep 6, 2017

Assessing Harvey's Aftermath - New Developments Fared Relatively Better

Sep 6, 2017

Zelman's Weekly Tape Measure - Week of September 5, 2017

Sep 5, 2017

Jobs and Housing - Solid Overall, Although Acceleration Difficult to Achieve

Sep 1, 2017

Western Markets Report - Healthy Double-Digit Growth Continues

Aug 30, 2017

Zelman's Weekly Tape Measure - Week of August 28, 2017

Aug 28, 2017

Portfolio Manager Weekly Z-Cap - Upwardly Revised Multi-Family Revenue Forecasts but Risks Still Evident

Aug 25, 2017

Single-Family Rental Survey - Fundamental Strength Underpins Positive View for AMH, INVH

Aug 25, 2017

Lowe's Companies - A Value, but No Longer a Top Idea

Aug 24, 2017

Real Estate Broker Survey - Buyer Demand Steady with June at Seasonally-Slower Levels

Aug 23, 2017

Western Markets Report - Solid Summer Activity

Aug 23, 2017

American Woodmark - A Hiccup but Not Concerning

Aug 23, 2017

Lowe's Companies - Sales Fine but Margin Profile Reset Lower

Aug 23, 2017

Toll Brothers - Reiterate Buy Rating on Stock Weakness

Aug 22, 2017

Toll Brothers - Another Strong Quarter, but Community Closeouts a Near-Term Headwind

Aug 22, 2017

Multi-Family Market-Level Forecasts - Supply Delays Drive Better 2017, But Still Expect Weaker 2018

Aug 22, 2017

American Woodmark - Fiscal 1Q18 EPS Below Expectations

Aug 22, 2017

Northern California Apartment Market in Focus - Growth Resumes Earlier Than Expected But Supply Still Looms

Aug 22, 2017

Zelman's Weekly Tape Measure - Week of August 21, 2017

Aug 21, 2017

Portfolio Manager Weekly Z-Cap - Home Improvement Remains One of Strongest Consumer Areas

Aug 18, 2017

Contacts Weigh in on Single-Family Outlook - Double-Digit Starts Growth Set to Persist Despite Constraints

Aug 17, 2017

Presentation: Homebuilding M&A Spotlight Conference Call

Aug 16, 2017

Western Markets Report - Growth Comes Back to Earth Against More Difficult Compare

Aug 16, 2017

Building Products Company Takeaways - Outperformance Could Resume With Stronger Revenue Growth

Aug 16, 2017

The Home Depot - Outlook Even Better Than It Appears

Aug 16, 2017

Building Products Survey - Industry Demand Continues to Improve at Steady Clip

Aug 16, 2017

Apartment Survey - Marginal Softening Continues During Heart of Leasing Season

Aug 15, 2017

The Home Depot - Solid 2Q17 Drives Guidance Raise Closer to Our Above-Consensus Estimate

Aug 15, 2017

Zelman's Weekly Tape Measure - Week of August 14, 2017

Aug 14, 2017

Homecenter Survey - HD Continues to Lead Strong Home Improvement Sector

Aug 14, 2017

Portfolio Manager Weekly Z-Cap - Steady, Solid Household Formations a Positive for Pricing Power

Aug 11, 2017

Invitation Homes - Bigger and Better

Aug 11, 2017

Five Point Holdings - A Good Start Out of the Gate

Aug 11, 2017

Mortgage Originator Survey - Credit Availability Expanding Further on the Margin

Aug 11, 2017

Homebuilding Survey - Another Month of Solid, Consistent Growth

Aug 11, 2017
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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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