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

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

Thoughts Post BLD and IBP Earnings - Still See Valuation Upside After Strong YTD Outperformance

Aug 10, 2017

Turning the Lights on Household Formation - A Recipe for New Construction Success

Aug 10, 2017

The Art of Measuring Home Prices - Prices Holding Firm at Strong Absolute Levels

Aug 10, 2017

Starwood Waypoint Homes - Solid Quarter With Strong Pricing

Aug 9, 2017

Western Markets Report - Huge Week, But Comps Get More Difficult

Aug 9, 2017

Armstrong Flooring - Structural Pressures Persist

Aug 9, 2017

TopBuild - Strong Incremental Margin Drives 2Q17 EPS Upside

Aug 8, 2017

William Lyon Homes - Incrementally More Positive, But Awaiting a Better Entry Point

Aug 8, 2017

Ply Gem Holdings - Guidance Reduction Disappointing But Sell-Off Overdone

Aug 8, 2017

William Lyon Homes - Puts and Takes

Aug 7, 2017

Ply Gem Holdings - Mixed 2Q17 Results But 2017 EBITDA Range Lowered

Aug 7, 2017

Zelman's Weekly Tape Measure - Week of August 7, 2017

Aug 7, 2017

Zelman Top Idea Basket - Adding RDN at Buy and Removing FNF at Buy

Aug 7, 2017

Essent Group - Valuation Reflects Above-Street View

Aug 7, 2017

RE/MAX Holdings - Valuation Leaves us at Hold

Aug 7, 2017

American Homes 4 Rent - Positioned Well for External Growth, Raising Fair Value

Aug 7, 2017

Portfolio Manager Weekly Z-Cap - Strong Millennial Employment Growth a Positive for Housing

Aug 4, 2017

Installed Building Products - 2Q17 Results Strengthen From 1Q17; Below Our Outlook But Ahead of Consensus

Aug 4, 2017

Essent Group - Across-the-Board Strength

Aug 4, 2017

AvalonBay Communities - 2H17 Carries More Uncertainty, Risk

Aug 4, 2017

RE/MAX Holdings - Strong Quarter But 2017 Guidance Unchanged

Aug 4, 2017

Realogy Holdings - Market Accepting the Risks

Aug 4, 2017

American Homes 4 Rent - Pricing Power Strength and Margin Expansion Continue

Aug 3, 2017

The Zelman Market Scorecard - Favorable Fundamental Backdrop Persists

Aug 3, 2017

Banking Survey - Single-Family AD&C Lending Stronger than Implied by Fed

Aug 3, 2017

Fortune Brands Home & Security - 2Q17 Core Profit Mildly Disappointing But Long-Term Outlook Intact

Aug 3, 2017

Taylor Morrison - The Entry Point We've Been Waiting For; Upgrading to Buy

Aug 3, 2017

AvalonBay Communities - Lowered 2017 Outlook As Deceleration Continues

Aug 2, 2017

Taylor Morrison - Robust Order Growth Begins to Slow, but Upward Bias to Forecasts

Aug 2, 2017

Western Markets Report - Smoothed Data Remains Favorable

Aug 2, 2017

NMI Holdings - Solid Quarter Highlights ROE Potential

Aug 2, 2017

MDC Holdings - Unable to Bridge The Valuation Gap

Aug 2, 2017

Radian Group - Heading in the Right Direction

Aug 2, 2017

Beazer Homes - Lifting Estimates But Maintain Hold

Aug 2, 2017

Meritage Homes - A Step in the Right Direction

Aug 1, 2017

Meritage Homes - Margin Improvement an Encouraging Sign

Aug 1, 2017

Radian Group - MI Results Strong but Clayton Impaired

Aug 1, 2017

MDC Holdings - Strong Earnings, But Orders In-Line With Our Below-Consensus Outlook

Aug 1, 2017

Armstrong World Industries - Strong 2Q17 De-Risks Downside But Competitive Environment Persists

Aug 1, 2017

Seasonally-Adjusted Deceleration Still Occurring - Key Thoughts After Apartment REIT Earnings

Aug 1, 2017

Armstrong World Industries - Upside to 2Q17, Full-Year EBITDA Guidance Maintained

Jul 31, 2017

Zelman's Weekly Tape Measure - Week of July 31, 2017

Jul 31, 2017

First American Financial - Interest Rates Move from Headwind to Tailwind as Investment Income Picks Up

Jul 31, 2017

CalAtlantic Group - A Waiting Game

Jul 31, 2017

Mohawk Industries - Estimates Lifting Higher, Remains Top Pick

Jul 31, 2017

Portfolio Manager Weekly Z-Cap - Homeownership Rate Improves Across Youngest Cohorts

Jul 28, 2017

Ellie Mae - Cyclicality of Mortgage Business Rears Its Ugly Head

Jul 28, 2017

The New Home Company - Valuation Discount Provides Buying Opportunity

Jul 28, 2017

AIMCO - 2Q17 Upside, But 2017 Same-Store Outlook Maintained

Jul 28, 2017

Essex Property Trust - Strong Results and a Guidance Raise Driven by Better Northern California Results

Jul 27, 2017

Camden Property Trust - Surprising Strength in Revenue

Jul 27, 2017

Masco - Executing Well in a Favorable Demand Backdrop

Jul 27, 2017

CalAtlantic Group - Something For the Bulls and Bears

Jul 27, 2017

Mohawk Industries - 2Q17 Core Profit Slightly Ahead of Outlook, 3Q17 Guidance Favorable

Jul 27, 2017

First American Financial - Commercial and Investment Income Drive Upside to Our Estimates

Jul 27, 2017

Masco - In-Line 2Q17 EPS, Low End of 2017 Guidance Lifted

Jul 27, 2017

Real Estate Broker Survey - Normal Downtick in Demand With Summer in Full Swing

Jul 27, 2017

The New Home Company - Another Strong Quarter

Jul 27, 2017

CoreLogic - Appraisal Driving Success Amid Tough Origination Environment

Jul 27, 2017

M/I Homes - High Quality Builder at a Discount

Jul 27, 2017

TRI Pointe Homes - Poised for a Breakout

Jul 27, 2017

USG - Pricing Uncertainty Keeps Us on the Sidelines

Jul 27, 2017

Owens Corning - Lifting EPS Estimates, Reiterate Buy

Jul 27, 2017

Mid-America Apartment Communities - FFO Modestly Better, Guidance Implies Challenging Acceleration in 2H17

Jul 26, 2017

UDR - In-Line Quarter and Slight Raise to 2017 Outlook

Jul 26, 2017

D.R. Horton - Still a Top Pick

Jul 26, 2017

M/I Homes - Strong Margin, But Orders Light

Jul 26, 2017

Owens Corning - Upside to 2Q17 and 2017 Guidance Should Lift Stock Higher

Jul 26, 2017

TRI Pointe Homes - Solid Upside Across the Board

Jul 26, 2017

CoreLogic - Early Signs of Success In Expansion of Valuations Business

Jul 26, 2017

Western Markets Report - A Big Week

Jul 26, 2017

Single-Family Rental Survey - Positive REIT Outlook Confirmed by Solid Fundamental Trends

Jul 26, 2017

D.R. Horton - Straight Down the Fairway, but Stock May Take a Breather

Jul 26, 2017

Orlando's Apartment Market in Focus - Near-Term Pricing Upside, But Supply Still a Concern Next Year

Jul 26, 2017

Equity Residential - In Line Quarter, Guidance Revised a Shade Higher

Jul 25, 2017

PulteGroup - Incrementally More Positive, but Maintain Hold

Jul 25, 2017

PulteGroup - Through the Noise, a Slightly Better-Than-Expected Quarter

Jul 25, 2017

Stanley Black & Decker - Balancing Solid Fundamentals With High Expectations

Jul 25, 2017

Stewart Information Services - Worst of Attrition Likely Over But Still Expect Some Choppy Quarters Ahead

Jul 24, 2017
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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
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