METHOD, SYSTEM AND COMPUTER PROGRAM PRODUCT FOR CREATING A REAL ESTATE PRICING INDICATOR AND PREDICTING REAL ESTATE TRENDS

• US 20100161498A1
• Filed: 12/14/2009
• Published: 06/24/2010
• Est. Priority Date: 12/12/2008
• Status: Abandoned Application

• Current Assignee: Corelogic Solutions LLC (CoreLogic Incorporated)
• Original Assignee: First American CoreLogic Incorporated (CoreLogic Incorporated)
• Inventors: WALKER, Robert, GRABOSKE, Benjamin
• Application Number:
  US12/637,448
• Publication Number:
  US 20100161498A1
• Time in Patent Office: Days
• US Class Current: 705/306
• CPC Class Codes: G06Q 30/02 Marketing; Price estimation or determination; Fundraising
• CPC Class Codes: G06Q 30/0278 Product appraisal
• CPC Class Codes: G06Q 50/16 Real estate

Abstract

A real estate market trend apparatus, computer program product and method obtains property data for each available property within a geographic area; sends the data to an AVM to calculate the valuation for each real property within the geographic area; saves the estimated valuations in memory; develops a time-consistent set of valuations for each property; provides a valuation for each of the available properties within the geographic area; and computes an indicator which provides a trend analysis of the real estate property market for the geographic area.

Claims

1. A method for providing a real estate market trend indicator, comprising:

obtaining property data for each available property within a geographic area;

sending the data to an AVM;

estimating in the AVM a valuation for each real property within the geographic area at a predetermined time;

saving in memory the valuation for each real property;

repeating said estimating and saving steps to produce a set of estimated valuations for each real property, each of said estimated valuations corresponding to a different time;

receiving a query for trending data for properties within the geographic area;

retrieving respective sets of estimated valuations for said properties within said geographic area; and

computing an indicator from said respective sets of estimated valuations to provide a trend analysis of a real estate property market for the geographic area.

2. The method of claim 1, further comprising:

conducting blind testing of the AVM to adjust an accuracy of the AVM.

3. The method of claim 1, wherein the indicator includes at least one of a mean housing price, a median housing price and a home price index.

4. The method of claim 1, wherein the geographic area is at least one of a city, county, state and nation.

5. The method of claim 1, wherein property valuations are conducted on at least one of a daily, weekly and monthly basis.

6. The method of claim 1, further comprising:

distinguishing property to indicate whether the property is a condominium or a single family home and computing a condominium indicator and a single family home indicator.

7. A computer readable medium having instructions for causing a computer to execute a method for providing a real estate market trend indicator, comprising:

obtaining property data for each available property within a geographic area;

sending the data to an AVM;

estimating in the AVM a valuation for each real property within the geographic area at a predetermined time;

saving in memory the valuation for each real property;

repeating said estimating and saving steps to produce a set of estimated valuations for each real property, each of said estimated valuations corresponding to a different time;

receiving a query for trending data for properties within the geographic area;

retrieving respective sets of estimated valuations for said properties within said geographic area; and

computing an indicator from said respective sets of estimated valuations to provide a trend analysis of a real estate property market for the geographic area.

8. The computer readable medium of claim 7, further comprising:

conducting blind testing of the AVM to adjust an accuracy of the AVM.

9. The computer readable medium of claim 7, wherein the indicator is selected from a group consisting of mean housing price, median housing price or home price index.

10. The computer readable medium of claim 7, wherein the geographic area is at least one of a city, county, state and nation.

11. The method of claim 7, wherein property valuations are conducted on at least one of a daily, weekly and monthly basis.

12. A real estate market indicator system, comprising:

a processor;

a memory coupled to the processor and configured to store program instructions executable by the processor to;

obtain property data for each available property within a geographic area;

send the data to an AVM;

estimate in the AVM a valuation for each real property within the geographic area at a predetermined time;

save in memory the valuation for each real property;

produce a set of estimated valuations for each real property, each of said estimated valuations corresponding to a different time;

receive a query for trending data for properties within the geographic area;

retrieve respective sets of estimated valuations for said properties within said geographic area; and

compute an indicator from said respective sets of estimated valuations to provide a trend analysis of a real estate property market for the geographic area.

13. The system according to claim 12 wherein the indicator is selected from at least one of a mean housing price, median housing price and home price index.

14. The system according to claim 12 wherein the geographic area is at least one of a city, county, state and nation.

15. The system according to claim 12, further including means for distinguishing which properties which are condominiums and single family homes and computing a condominium indicator and a single family home indicator.