We featured a conversation with four of the industry’s most influential voices to examine the forces reshaping housing in America. Recorded live at Walker &amp; Dunlop’s Summer Conference, this panel was moderated by Ivy Zelman, Executive Vice President of Research &amp; Securities at Walker &amp; Dunlop, alongside panelists Steven DeFrancis, Founder and CEO of Cortland, Ryan Marshall, President and CEO of PulteGroup, Inc., and Dallas Tanner, President and CEO of Invitation Homes. As demographics, affordability, and migration continue to reshape housing demand, our panelists discussed where they&#x27;re investing, the markets best positioned for long-term growth, the outlook for homeownership and rentals, and how AI, housing policy, and new development strategies could influence the industry&#x27;s future. Neither Zelman, Ivy Zelman or her family own PHM or INVH stock. INVH is an investment banking client of Zelman Partners, LLC. Zelman has received compensation for products or services other than investment banking services. Zelman is a Walker &amp; Dunlop company. Zelman Partners, LLC is a registered broker-dealer and member of FINRA and SIPC (Securities Investor Protection Corporation). Learn more about your ad choices. Visit megaphone.fm/adchoices

Ivy Zelman, Stephen DeFrancis, Ryan Marshall, and Dallas Tanner

The Walker Webcast

Walker & Dunlop brings you insights for life, unique perspectives from impactful leaders. This is The Walker Webcast with Willy Walker.

Good morning, everyone, and a pleasure to be here. I'm Ivy Zelman and run research and investment banking at Walker Dunlop. And I'm excited to have such a prestigious panel with myself. Stephen DeFrancis with Cortland is going to be our multifamily expert. Ryan Marshall with Pulte Homes, CEO, will talk about single family. And Dallas Tanner, who runs Invitation Homes, will talk about single family rental. So Willy talked about a lot of things today.

I'm going to hit on some of them, but I want to kick it off with a discussion about demographics. We're just about to publish an updated version of a report we did back in 2021 that was pretty unpopular called Cradle to Grave. And really, probably the reason it was unpopular, it was pretty troublesome, troubling to look at the demographics of this country's future. And I want to revisit that because right now with immigration being predominantly shut off,

we do have a very troubling outlook. We have an aging population. I politely say many of those people are aging out. And currently, our fertility rate is below replacement level. So when we look at future population growth, which drives household growth, it doesn't look very good. And it's going to only get worse unless something changes around immigration. Because I don't think young adults today, predominantly women, are that interested in having children.

I can tell you my 25-year-old tells me she doesn't want children, which breaks my heart. But a lot of them are saying they're one and done or frankly don't want them at all from many reasons, political ideology to can't afford it.

Ivy Zelman, Stephen DeFrancis, Ryan Marshall, and Dallas Tanner

Read the full transcript

The candid version is on a podcast,
not the earnings call.

Ivy Zelman, Stephen DeFrancis, Ryan Marshall, and Dallas Tanner

Read the full transcript

The candid version is on a podcast, not the earnings call.

The candid version is on a podcast,
not the earnings call.