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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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Toll Brothers - Below-Consensus 3Q18 Outlook Leaves us Cautious on Stock into Earnings

Aug 15, 2018

Western Markets Report - No Signs of Improvement

Aug 15, 2018

Underwrite This, Amortize That - An Investor's Guide to Housing Finance Aug 2018

Aug 15, 2018

Mortgage Originator Views - Heightened Competition Expected to Persist Until Early 2019

Aug 15, 2018

The Home Depot - The Home Improvement Consumer Powers On

Aug 15, 2018

Five Point Holdings - Quarter Consistent With Expectations, but Tweaking Intermediate-Term Estimates Lower

Aug 14, 2018

The Home Depot - Solid Upside as Expected

Aug 14, 2018

Apartment Survey - Modest Pricing Improvement Early in the Quarter

Aug 14, 2018

Zelman's Weekly Tape Measure - Week of August 13, 2018

Aug 13, 2018

Invitation Homes - Trimming Estimates on Near-Term Challenges, Long-Term Outlook Still Favorable

Aug 13, 2018

Homecenter Survey - July Caps Rebound Quarter; Upside Evident for HD Earnings

Aug 13, 2018

Homebuilding Survey - Another Soft Order Month as Price Appreciation Takes its Toll

Aug 13, 2018

Portfolio Manager Weekly Z-Cap - Thoughts on Builders' Community Count and Earnings

Aug 10, 2018

Invitation Homes - Solid Top Line and Merger Synergies Offset By Higher Capital Spending

Aug 10, 2018

Redfin - Near-Term Challenges Give Pause

Aug 10, 2018

Weekly Western Markets Homebuilding Trends - Another Week of Double-Digit Declines

Aug 9, 2018

Armstrong Flooring - Wood Improvement Sets Higher Bar

Aug 8, 2018

TopBuild - A Model of Consistent Execution

Aug 8, 2018

Still Waiting on Elusive Community Count Growth - An Inflection is Coming, but The Question is When?

Aug 8, 2018

Armstrong Flooring - Upside to 2Q18 Results, Driven by Wood Flooring

Aug 7, 2018

TopBuild - Solid 2Q18 Results

Aug 7, 2018

Zelman's Weekly Tape Measure - Week of August 6, 2018

Aug 6, 2018

Apartment REITs Already Priced for Reacceleration - Raising Valuations but Downside Persists, Downgrading AVB

Aug 6, 2018

The New Home Company - Tough to Envision a Catalyst

Aug 6, 2018

RE/MAX Holdings - Steady as She Goes

Aug 6, 2018

Essent Group - Generating Strong Returns of 20-21%

Aug 6, 2018

American Homes 4 Rent - Near-Term Expense Challenges Push Margin Expansion to 2019

Aug 6, 2018

Realogy Holdings - A Solid Step in the Right Direction

Aug 6, 2018

Portfolio Manager Weekly Z-Cap - Jobs, More Surveys and Earnings to End July

Aug 3, 2018

Realogy Holdings - Upside to 2Q18 Likely to Lift the Stock

Aug 3, 2018

The New Home Company - Solid Orders but Weak Guidance

Aug 3, 2018

Essent Group - Another Solid Quarter as Credit Drives Upside

Aug 3, 2018

Century Communities - Strong Growth Appreciated at Current Valuation

Aug 3, 2018

Installed Building Products - Short-Term Disappointment, But Long-Term Thesis Intact

Aug 3, 2018

American Homes 4 Rent - Revenue and Occupancy Trends Reflect Strength, But Margins Disappoint

Aug 2, 2018

AIMCO - Like Peers, Modestly Raising 2018 Same-Store Outlook, but FFO Guidance Held Steady

Aug 2, 2018

RE/MAX Holdings - Slight Upside to 2Q18 Results

Aug 2, 2018

Camden Property Trust - Raised 2018 Outlook, But Slightly Less Than Anticipated

Aug 2, 2018

Installed Building Products - Revenue Upside, But Still Chasing Rising Costs

Aug 2, 2018

MDC Holdings - Entry-Level Strength Drives Estimates Higher

Aug 2, 2018

NMI Holdings - Short-Term Blip in NIW but Positive Underlying Trends

Aug 2, 2018

Western Markets Report - Sequential Improvement, but Still Down Versus Last Year

Aug 2, 2018

Taylor Morrison - Likely in a Holding Pattern, but Hard to Ignore Long-Term Value

Aug 2, 2018

Mid-America Apartment Communities - Tepid Quarter and Stable 2018 Outlook a Relative Negative

Aug 1, 2018

Essex Property Trust - Guidance Raise Might Not Be Enough as Growth Decelerates in Key Markets

Aug 1, 2018

Taylor Morrison - An In Line Quarter

Aug 1, 2018

Masco - Confident Tone Constructive To Buy Thesis

Aug 1, 2018

Armstrong World Industries - 2018 Outlook Largely Unchanged

Aug 1, 2018

MDC Holdings - Entry-Level Investments Starting to Pay Off

Aug 1, 2018

Banking Survey - AD&C Lending a Growth Engine for Banks and Developers

Aug 1, 2018

William Lyon Homes - Industry-Leading Growth at Industry-Low Valuation

Aug 1, 2018

Armstrong World Industries - Core EBITDA Modestly Softer, Full-Year Guidance Maintained

Jul 31, 2018

William Lyon Homes - Solid Results, Unchanged Outlook

Jul 31, 2018

Black Knight - Revenue Growth Outlook On Track But Expenses Edge Higher Again

Jul 31, 2018

Masco - Guidance Should Be Enough

Jul 31, 2018

UDR - Modest Bump to Guidance as Expected

Jul 30, 2018

AvalonBay Communities - Modest Upside to 2Q18 Results Reflected in Guidance Bump

Jul 30, 2018

Zelman's Weekly Tape Measure - Week of July 30, 2018

Jul 30, 2018

Fortune Brands Home & Security - Shines Brightly

Jul 30, 2018

Land Development Survey - Despite Mixed Signals, Land Activity Remains Robust

Jul 30, 2018

Single-Family Rental Survey - Strong Pricing Power Bodes Well for the Remainder of 2018

Jul 30, 2018

Single-Family REIT Earnings Preview - Revising Estimates Higher, But Still Downgrading AMH to Hold

Jul 30, 2018

USG - 2Q18 Results Weaker Than Expectations

Jul 30, 2018

TRI Pointe Homes - A Tough Set Up Heading Into 2H18

Jul 30, 2018

Portfolio Manager Weekly Z-Cap - Busy Week of Earnings Across Zelman Coverage Universe

Jul 27, 2018

CoreLogic - Looking Through the Volatility in Originations

Jul 27, 2018

Ellie Mae - Powering Through a Tough Market

Jul 27, 2018

First American Financial - Raising EPS Estimates by 9-10%

Jul 27, 2018

Mohawk Industries - Wounded, But Not Broken

Jul 27, 2018

Radian Group - Solid Fundamentals at a Good Value

Jul 27, 2018

Thoughts Post DHI, PHM, MTH and BZH Earnings - A Mixed Bag of Results Leaves Near-Term Outlook Choppy

Jul 27, 2018

TRI Pointe Homes - Strong Profitability, but Weak Orders

Jul 27, 2018

First American Financial - Investment Income Drives Upside

Jul 26, 2018

Radian Group - Strong Results Across the Board

Jul 26, 2018

PulteGroup - Strong Profitability, but Orders Disappoint

Jul 26, 2018

D.R. Horton - The Doctor Delivers Yet Again

Jul 26, 2018

Owens Corning -- Salt in the Wound

Jul 26, 2018

CoreLogic - Soft Quarter as Lower Industry Originations Bite

Jul 26, 2018

M/I Homes - Tough to Fight The Tape, But Underappreciated at Current Valuation

Jul 26, 2018

Equity Residential - Stability Promising, But Low Growth to Persist

Jul 26, 2018

Meritage Homes - Another Mixed Print Versus Consensus

Jul 25, 2018

Mohawk Industries - Clear Short-Term Negative - Now What?

Jul 25, 2018

M/I Homes - Orders Strong, Earnings Mixed

Jul 25, 2018

Owens Corning - Disappointing Execution

Jul 25, 2018

Real Estate Broker Survey - Inventory Relief a Positive Undertone

Jul 25, 2018

Realogy Holdings - Reducing Estimates Ahead of Earnings

Jul 25, 2018

Western Markets Report - Moving in the Wrong Direction

Jul 25, 2018

Sherwin-Williams - Proving Its Worth

Jul 25, 2018

Proprietary Look at Builder Price Points - Affordability Concerns Mitigated by Further Entry-Level Ramp

Jul 25, 2018

Equity Residential - 2Q18 Upside and Raising 2018 Guidance

Jul 24, 2018

Presentation: Multi-Family Update Conference Call Jul 2018

Jul 24, 2018

Sherwin-Williams - Solid Growth From Valspar Powers Upside

Jul 24, 2018

Zelman's Weekly Tape Measure - Week of July 23, 2018

Jul 23, 2018

Stanley Black & Decker - More Special Than Market Realizes

Jul 23, 2018

NVR - Sell Off Overdone, Still an Attractive Long-Term Story

Jul 23, 2018

Demystifying Multi-Family Supply - Forward Supply Still a Headwind, Despite Recent Stability

Jul 23, 2018

Apartment REIT Earnings Preview - Near-Term Upside Aids Valuation; Swapping UDR and ESS

Jul 23, 2018

Portfolio Manager Weekly Z-Cap - A Full Week of Research Across the Housing Mosaic

Jul 20, 2018

NVR - A Mixed Quarter, but Perhaps Not as Bad as Feared

Jul 20, 2018

Stanley Black & Decker - Growth, Cost Control Mitigates Obvious Headwinds

Jul 20, 2018

Sort: NEWEST FIRST | OLDEST FIRST

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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