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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CHOOSE A COVERAGE SECTOR:

Apartments


Building Products


Demographics


Homebuilding


Homecenters


Macro Housing


Mortgage Finance


Real Estate Services


Single-Family Rental

Lennar - Slightly Ahead of Street Expectations

Mar 21, 2017

Zelman's Weekly Tape Measure - Week of March 20, 2017

Mar 20, 2017

San Diego's Apartment Market in Focus - Concerning New Supply, Heavily Concentrated Downtown

Mar 20, 2017

Portfolio Manager Weekly Z-Cap - February Building Product Checks Point to Acceleration

Mar 17, 2017

KBH and LEN Earnings Preview - Reiterate Both Stocks as Top Builder Idea

Mar 17, 2017

Building Products Company Takeaways - Fundamentals Tracking Ahead of Expectations

Mar 16, 2017

Building Products Survey - Another Solid Reading in February Despite Tough Comps

Mar 16, 2017

Homecenter Survey - 5% Growth for HD/LOW Against Most Difficult Comp of Year

Mar 16, 2017

Western Markets Report - Solid Activity Continues

Mar 15, 2017

Framing Our Mortgage Insurance Growth Outlook - Remaining Constructive but Highlighting Near-Term Risk

Mar 15, 2017

Metro and Submarket Supply Surveillance - 2017 Supply Outlook Onerous, Incrementally Worse for CPT

Mar 15, 2017

Mortgage Originator Survey - Purchase Application Growth Decelerated Year to Date

Mar 15, 2017

Apartment Survey - Temporary Relief Ahead of Heavy Supply During Peak Leasing

Mar 14, 2017

First American Financial - Valuation Compelling Given Exposure to Elongated Purchase Cycle and Potential Upside From Data

Mar 14, 2017

Zelman's Weekly Tape Measure - Week of March 13, 2017

Mar 13, 2017

Ply Gem Holdings - Upgrading to Buy as Strong Earnings and Cash Flow Growth Further Deleverage Balance Sheet

Mar 13, 2017

Portfolio Manager Weekly Z-Cap - Positive Trends Point to Upside for 1Q17 Builder Forecasts

Mar 10, 2017

Jobs and Housing - Nothing but Positives This Month

Mar 10, 2017

Ply Gem Holdings: 4Q16 Matches Expectations But 2017 Guidance Favorable

Mar 10, 2017

Western Markets Report - Double-Digit Growth Resumes

Mar 10, 2017

Upside Bias to 1Q17 Builder Forecasts - Raising Valuations by 4%; Upgrading MHO and TPH to Buy

Mar 10, 2017

Homebuilding Survey - Demand Continues at Robust Pace

Mar 10, 2017

Hovnanian Enterprises - Outlook Unchanged, Maintain Sell

Mar 9, 2017

Ellie Mae - Lenders' Greater Focus On Consumer Likely to Keep Demand for New Capabilities Elevated

Mar 9, 2017

Hovnanian Enterprises - Slight Upside but Cautious Outlook Unchanged

Mar 8, 2017

Turning the Lights on Household Formation - Momentum Eases in 4Q16, but Thesis Intact

Mar 8, 2017

Orange County's Apartment Market in Focus - Expecting Supply Headwinds in Irvine and South Anaheim

Mar 8, 2017

Mortgage Originator Views - Competition Increasing, Should Help Widen Credit Availability

Mar 7, 2017

Armstrong Flooring - Structural Headwinds Persist

Mar 7, 2017

Armstrong Flooring - 2017 EBITDA Midpoint Below Consensus

Mar 6, 2017

Zelman's Weekly Tape Measure - Week of March 6, 2017

Mar 6, 2017

Portfolio Manager Weekly Z-Cap - Brokers Note Continued Entry-Level Strength, High-End Uptick

Mar 3, 2017

The Art of Measuring Home Prices - 2016 Price Gains Ahead of Expectations; Bumping Forecasts

Mar 3, 2017

Colony Starwood Homes - Favorable Outlook Intact

Mar 2, 2017

Lowe's Companies - Winning Back Trust

Mar 2, 2017

American Homes 4 Rent - Operating Platform a Springboard for Future Growth

Mar 2, 2017

Thoughts Post BLD and IBP Earnings - Multi-Year Story Intact But Recent Price Action Puzzling

Mar 1, 2017

Western Markets Report - Absorptions Pull Back Against Tough Comparison

Mar 1, 2017

Lowe's Companies - Investors Should Be Pleased

Mar 1, 2017

TopBuild - 4Q16 Softer Than Expected But More Aggressive Capital Allocation A Positive

Feb 28, 2017

American Woodmark - Back on Track

Feb 28, 2017

Real Estate Broker Survey - Low End Leading the Way but High-End Uptick Continues

Feb 28, 2017

UCP - Improvement Continues, But Valuation Discount Justified

Feb 28, 2017

Armstrong World Industries - 2017 Guidance Appears Aggressive at First Look

Feb 28, 2017

Silver Bay Realty Trust - Premium Bid, Lower Expenses Bodes Well for Our Industry Outlook

Feb 27, 2017

Colony Starwood Homes - Strong FFO Upside, 2017 Guidance Likely Conservative

Feb 27, 2017

American Woodmark - Sales Growth Reaccelerates, Driving EPS Upside

Feb 27, 2017

Armstrong World Industries - Outlook Assumes Strong Organic Revenue Acceleration Despite Recent Softness

Feb 27, 2017

Installed Building Products - 4Q16 Results Unexpectedly Disappoint

Feb 27, 2017

Zelman's Weekly Tape Measure - Week of February 27, 2017

Feb 27, 2017

UCP - Continuing to Show Progress

Feb 27, 2017

CoreLogic - Expected Shift to More Sustainable Organic Growth Drivers Keeps Us Bullish

Feb 27, 2017

Realogy Holdings - Guidance Highlights Ongoing Pressures

Feb 27, 2017

RE/MAX Holdings - Balancing Strong Fundamentals Against a Full Valuation

Feb 27, 2017

Invitation Homes - Here to Stay

Feb 27, 2017

Portfolio Manager Weekly Z-Cap - Builders' 4Q16 Earnings Season Wraps Up Favorably

Feb 24, 2017

Housing Industry Consolidation Gaining Steam - Strategic Foreign Buyers Increasing Foothold in U.S.

Feb 24, 2017

American Homes 4 Rent - Leasing Trends Softer, But Margin Expansion Impressive

Feb 23, 2017

RE/MAX Holdings - A Max Effort at Year End

Feb 23, 2017

CoreLogic - Decent Quarter But 2017 Guidance Likely a Bit Light of Expectations

Feb 23, 2017

Western Markets Report - Continued Growth at a Double-Digit Pace

Feb 23, 2017

Thoughts Post NWHM, TOL, TPH, WLH Earnings - A Solid End to Earnings Season

Feb 23, 2017

Single-Family Rental Survey - Demand, Pricing Measures Mixed But Overall Strength Persists

Feb 23, 2017

William Lyon Homes - Incremental Results Disappointing

Feb 22, 2017

The New Home Company - A Strong Quarter; Awaiting Clarity on Forward Outlook

Feb 22, 2017

TRI Pointe Homes - Mixed Quarter, Steady Outlook

Feb 22, 2017

Toll Brothers - Solidly Ahead of Expectations

Feb 22, 2017

The Home Depot - Double-Digit EPS Growth With Upside Potential

Feb 22, 2017

Mortgage Originator Survey - Purchase Apps Pick Up but Inventory Still a Challenge

Feb 22, 2017

Zelman's Weekly Tape Measure - Week of February 20, 2017

Feb 21, 2017

RMAX and RLGY Earnings Previews - Taking a Cautious Stance into the New Year

Feb 21, 2017

Multi-Family Market-Level Forecasts - Revenue Growth Expectations Lower for 2017 and 2018

Feb 21, 2017

The Home Depot - Comps Hit Our Above-Consensus Outlook

Feb 21, 2017

Portfolio Manager Weekly Z-Cap - Supply Pipeline Not Priced Into Apartment REIT Valuations

Feb 17, 2017

Building Products Company Takeaways - Preference Remains for R&R Exposure, Clean Balance Sheets

Feb 17, 2017

Building Products Survey - 2017 Off to Favorable Start

Feb 17, 2017

Homecenter Survey - Raising the Bar for HD/LOW After Survey Metrics Accelerate

Feb 17, 2017

NMI Holdings - Meaningful ROE Expansion Ahead

Feb 16, 2017

Western Markets Report - Another Strong Week

Feb 15, 2017

Lennar - Updating Estimates for WCIC; Reiterate as Top Pick

Feb 15, 2017

Apartment Survey - Lease-Up Pressures Expected By Contacts Through 2H18

Feb 14, 2017

Zelman's Weekly Tape Measure - Week of February 13, 2017

Feb 13, 2017

Stewart Information Services - Expense Saves Coming Through

Feb 13, 2017

Zelman Top Idea Basket - Adding CPT as a Sell in Place of NVR as a Buy

Feb 13, 2017

Essent Group - Estimates Moving Higher on Robust NIW

Feb 13, 2017

Mohawk Industries - Flooring "Infrastructure Second to None"

Feb 13, 2017

Apartment REIT Valuation Disconnected from Risk - Downgrading AVB, ESS, UDR to Sell; Joining AIV, CPT, EQR

Feb 13, 2017

Homebuilding Survey - Builders Bullish on Selling Season

Feb 13, 2017

Portfolio Manager Weekly Z-Cap - Updated Non-Residential Forecasts Reflect Strong Demand

Feb 10, 2017

Ellie Mae - Higher Expenses Weigh on Gross Margin But Higher G&A Leverage Offsets

Feb 10, 2017

First American Financial - Some Positives and Negatives But Trimming 2017 EPS Estimate 2%

Feb 10, 2017

Essent Group - Strong Volume Likely to Drive Upside to Forward Estimates

Feb 10, 2017

Masco - Favorable End-Channel Exposure and Strong Cash Flow

Feb 10, 2017

Beazer Homes - Estimates Under Pressure, Maintain Sell

Feb 9, 2017

CalAtlantic Group - Margin Concerns Overdone, Maintain Buy

Feb 9, 2017

Mohawk Industries - A Good But Not Great Release

Feb 9, 2017

First American Financial - EPS Above Estimates But Title Margins Trailed Our Expectations

Feb 9, 2017

Masco - A Slight Disappointment in 4Q16

Feb 9, 2017

Beazer Homes - Relatively In Line With Low Expectations

Feb 9, 2017

Taylor Morrison - Solid Operations But Limited Near-Term Upside to Valuation

Feb 9, 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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