Ivy Zelman is cautioning clients that overheated areas with heavy concentrations of investors are likely to face “corrections.”: (Bloomberg)—Ivy Zelman, the housing analyst famous on Wall Street for calling the top of the market in 2005, less than two years before the collapse, sees warning signs once again. After a historic run-up in values during the pandemic, housing in the U.S. is at -- or near -- the peak, she says.