METHOD AND SYSTEM FOR PROVIDING A HOME DATA INDEX MODEL

• US 20130103459A1
• Filed: 10/16/2012
• Published: 04/25/2013
• Est. Priority Date: 10/18/2008
• Status: Abandoned Application

• Current Assignee: ClearCapital.com, Inc.
• Original Assignee: ClearCapital.com, Inc.
• Inventors: Marshall, Kevin Leon, McSweeny, Sean M., Villacorta, Alexander
• Application Number:
  US13/653,387
• Publication Number:
  US 20130103459A1
• Time in Patent Office: Days
• US Class Current: 705/7.35
• CPC Class Codes: G06Q 30/0205 Location or geographical consideration
• CPC Class Codes: G06Q 30/0206 Price or cost determination based on market factors
• CPC Class Codes: G06Q 30/0278 Product appraisal
• CPC Class Codes: G06Q 50/16 Real estate

Abstract

The present invention builds Home Data Index (HDI) models. One driving force behind this HDI initiative is that no one model or measure can truly capture the widely dynamic movement of home prices. Even within a small geographical area, such as a ZIP code, there is significant variation in property sale types, sale frequencies and sale values. To better describe these variations, the present invention presents a suite of paired sales and price per square foot index models built around an array of property transaction characteristics. These HDI models expand on the usage and understanding of traditional home price indices (HPIs) by implementing a multidimensional index comprised of four main dimensions: geography; time frames; value range; and property sales type. Several layers exist within each dimension, allowing for more than 300 different index model perspectives for a given property address. For each permutation among the layers of the four main dimensions, a model is constructed with an associated confidence score that reflects the statistical relevance of each estimate.

Claims

1. A method of providing a home data index model comprising steps executed on a computer system for:

selecting a first period extending from a first date backwards a first prespecified number of days to a second date; and

calculating a home price index for the first period.

2. The method in claim 1 which further comprises:

selecting a second period extending from the second date backwards in time a second prespecified number of days to a third date;

calculating the home price index for the second period;

selecting a third period extending from the third date backwards in time a third prespecified number of days to a fourth date; and

calculating the home price index for the third period.

3. The method in claim 2 wherein:

each of the periods is a rolling quarter.

4. The method in claim 2 wherein:

the first prespecified number of days is 121; and

the second and subsequent prespecified numbers of days are 91.

5. A method of providing a home data index model comprising steps executed on a computer system for:

selecting a first period extending from a first date backwards to a second date falling on a prespecified calendar boundary;

calculating a home price index for the first period; and

adjusting the home price index for the first period to compensate for a shorter period of time.

6. The method in claim 5 further comprising:

identifying a second period extending from the second date backwards to a third date falling on a prespecified calendar boundary;

calculating the home price index for the second period;

identifying a third period extending from the third date backwards to a fourth date falling on a prespecified calendar boundary; and

calculating the home price index for the third period.

7. The method in claim 6 wherein:

the prespecified calendar boundaries are calendar quarters.

8. A system for providing a home data index model, said system comprising a processor and a memory containing a set of instructions executable on the processor, said set of instructions comprising instructions for:

selecting a first period extending from a first date backwards a first prespecified number of days to a second date; and

calculating a home price index for the first period.

9. A computer readable medium containing a set of instructions executable by a processor for providing a home data index model, said set of instructions comprising instructions for:

selecting a first period extending from a first date backwards a first prespecified number of days to a second date; and

calculating a home price index for the first period.