The Zelman Buzz

Exclusive insights and analyses from our industry-leading research team

Continuing Streak, Housing Stocks Big Winners Again in Third Quarter

October 04, 2019 by Zelman & Associates

Our firm produces stock price indices for eight sectors where we provide equity research coverage, presently capturing roughly 80 companies and almost $800 billion of market capitalization. In 3Q19, the S&P 500 increased 1.7%, following ...

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Filed Under | stocks

Young Adults Living at Home Still Stuck Near Record Highs

October 04, 2019 by Zelman & Associates

A central theme of the current housing recovery has been an elevated share of young adults living at home with their parents or grandparents, which has hindered household formation and downstream housing demand. According to the latest Annual ...

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Filed Under | demographicsmillennials

If New Home Demand is So Strong, Why Has Start Activity Been So Lackluster?

September 20, 2019 by Zelman & Associates

This week, the Census Bureau reported its estimate for August single-family housing starts and permits. Positively, seasonally-adjusted starts accelerated to an annualized pace of 919,000, representing the strongest level since January and ...

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Filed Under | housing startsnew home salessurvey

Contrary to Perception, Little Difference Between Young and Old DTI Ratios

September 06, 2019 by Zelman & Associates

Earlier this week, Home Mortgage Disclosure Act (HMDA) data for 2018 was released. The annual dataset is enormous and serves as the primary baseline for most analyses of the mortgage market and its participants. This year also includes numerous ...

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Filed Under | affordabilitymortgage

Residential Construction Warning of Nearing Recession?

August 23, 2019 by Zelman & Associates

Through the first seven months of 2019, residential construction for single-family and multi-family projects has trailed the prior-year period across the board. Specifically, single-family permits and starts are both down 3% while multi-family ...

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Filed Under | apartmentshomebuildingmacro housing

Alarming Increase in Mortgage Debt-to-Income Ratios Reverses Course

July 26, 2019 by Zelman & Associates

Late last year, the average mortgage debt accumulated by homebuyers relative to their income was quickly rising, which was attributable to home price appreciation outpacing income growth, spiking mortgage rates and more lenient underwriting ...

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Filed Under | affordabilitymortgage

“Steep Slowdown” on the Horizon for Home Improvements?

July 26, 2019 by Zelman & Associates

Last week, The Joint Center for Housing Studies of Harvard University (JCHS) released its Leading Indicator of Remodeling Activity (LIRA) with a concerning headline: “Steep Slowdown Projected in Home Improvements.” We first wrote about the ...

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Filed Under | home improvementsurvey

The Latest on Homeownership and Housing Supply

July 26, 2019 by Zelman & Associates

Yesterday, the Census Bureau released its quarterly Housing Vacancy Survey (HVS), which is intended to measure the occupancy and ownership status of the nation’s housing stock. Although the second quarter release indicated a sequential decline ...

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Filed Under | homeownershipmacro housing

As “Crisis” Calls Mount, an Eye-Opening Spin on Affordability

July 12, 2019 by Zelman & Associates

From 2011-18, national existing home prices and apartment rents have climbed by 50-55% and 35-40%, respectively, easily outpacing 17% income growth for non-supervisory and production employees that represent the vast majority of the employment ...

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Filed Under | affordabilitydemographics

Mischaracterization of Single-Family Investors Impacts Perceived Demand, Risk

July 12, 2019 by Zelman & Associates

In a blog post in late June (Don’t Call it a Comeback: Housing Investors Have Been Here for Years), CoreLogic raised some eyebrows with the conclusion that “in 2018, the share of home sales bought by investors reached its highest level in two ...

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Filed Under | institutional investorsmacro housing