System and method for providing property value estimates

• US 6,842,738 B1
• Filed: 08/14/1998
• Issued: 01/11/2005
• Est. Priority Date: 10/11/1996
• Status: Expired due to Fees

• Current Assignee: Freddie Mac
• Original Assignee: Freddie Mac
• Inventors: Bradley, Michael G., McManus, Douglas A.
• Primary Examiner(s): Myhre, James W.
• Application Number:
  US09/134,161
• Time in Patent Office: 2,342 Days
• Field of Search: 705/1, 705/35, 705/400, 705/36, 705/38, 705/37, 705/17, 705/18, 705/10, 706/17
• US Class Current: 705/7.31
• CPC Class Codes: G06Q 30/0202 Market predictions or forecasting for commercial activities
• CPC Class Codes: G06Q 30/0204 Market segmentation
• CPC Class Codes: G06Q 30/0206 Price or cost determination based on market factors
• CPC Class Codes: G06Q 30/0283 Price estimation or determination
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions

Abstract

A system preprocesses property value estimates based on stored property data. It stores the computed property value estimates in a forecast data repository. The system obtains updates or new property data and computes new estimates according to a predetermined schedule. Users can instantaneously obtain property value estimates that have been preprocessed, thus eliminating a long wait period necessary for on-line processing.

Claims

1. A method of preprocessing property value estimates for a group of substantially all properties in a predefined area comprising the steps, performed by a data processor, of:

accessing, from a database containing property data, a set of property data corresponding to each property in the group;

determining a property price estimate for each of the properties in the group as a function of the set of corresponding property data; and

storing each of the determined property price estimates indexed to the corresponding properties in a forecast data repository as a predetermined property price estimate for each property in the group,

wherein the accessing, determining, and storing occur according to a predetermined schedule and the forecast data repository is made available for users to obtain the predetermined property price estimates.

2. The method of claim 1, wherein the determining step includes the substeps of:

computing a first property price estimate for each property using a first predictive model.

3. The method of claim 1, further comprising the step of:

retrieving at least one predetermined property price estimate corresponding to a property in the group for use in an economic decision.

4. The method of claim 3, wherein the economic decision comprises a decision whether to purchase the property.

5. The method of claim 3, wherein the economic decision comprises a decision whether to sell the property.

6. The method of claim 3, wherein the economic decision comprises a decision whether to rely upon an appraisal of the property.

7. The method of claim 3, wherein the economic decision comprises a decision whether to update an appraisal of the property.

8. The method of claim 3, wherein the economic decision comprises a decision concerning a loan secured by the property.

9. The method of claim 8, wherein the decision concerning a loan secured by the property comprises a decision whether to purchase the loan.

10. The method of claim 8, wherein the decision concerning a loan secured by the property comprises a decision whether to guard against credit risk on the loan.

11. The method of claim 8, wherein the decision concerning a loan secured by the property comprises a decision regarding a course of action when the loan is in default.

12. The method of claim 8, wherein the decision concerning a loan secured by the property comprises a decision regarding pricing the property for foreclosure sale.

13. The method of claim 3, further comprising the step of:

providing the retrieved predetermined property price estimate to a third party.

computing a second property price estimate for each property using a second predictive model; and

computing the property price estimate based on at least the first property price estimate and the second property rice estimate.

14. The method of claim 13, further comprising the step of:

receiving remuneration from the third party.

15. The method of claim 3, further comprising the step of:

forecasting a credit loss based upon the retrieved predetermined property price estimate.

16. The method of claim 1, wherein the predefined area is a predefined geographic area.

17. The method of claim 1, wherein the determining step comprises:

determining a property price estimate for each of the properties in the group using a previous property price estimate corresponding to each of the properties in the group.

18. The method of claim 1, wherein the group of substantially all properties in a predefined area is a group of at least 500 properties.

19. The method of claim 1, wherein the predefined area is at least one of a group comprising:

a county, at least two contiguous counties, a country, a 5-digit ZIPCODE, and a nine-digit ZIPCODE.

20. The method of claim 1, wherein the predetermined schedule is at least one of a group comprising:

monthly, every three months, and upon occurrence of a periodic event.

21. A method of providing access to previously-computed property value estimates for a group of substantially all properties in a predefined area comprising the steps, performed by a data processor, of:

providing input information of a property for which the previously-computed property price estimate is desired;

accessing the previously-computed property price estimate corresponding to the input information from a forecast data repository containing previously-computed property price estimates for the group of substantially all properties in a predefined area; and

presenting the accessed, previously-computed property price estimate corresponding to the input information.

22. The method of claim 21, further comprising the step of:

making an economic decision based on the presented, previously-computed property price estimate.

23. The method of claim 21, wherein the predefined area is a predefined geographic area.

24. The method of claim 21, further comprising:

accessing from a database, a set of property data corresponding to each property in a group of substantially all properties in a predefined area;

determining a property price estimate for each property in the group as a function of the set of corresponding property data; and

storing, the determined property price estimate indexed to the corresponding property in the forecast data repository as previously-computed property price estimates.

25. A system for preprocessing property value estimates for a group of substantially all properties in a predefined area comprising:

means for accessing a set of property data corresponding to each property in the group from a database containing property data for the

determining a property price estimate for each of the properties in the group as a function of the set of corresponding property data; and

means for storing each of the determined property price estimates indexed to the corresponding property in a forecast data repository as a predetermined property price estimate for each property in the group,

wherein the accessing, determining, and storing stops occur according to a predetermined schedule and the forecast data repository is made available for users to obtain the predetermined property price estimates.

26. The system of claim 25, wherein the computing determining means includes:

means for computing a first property price estimate for each property using a first predictive model;

means for computing a second property price estimate for each property using a second predictive model; and

means for computing the property price estimate based on at least the first property price estimate and the second property price estimate.

27. The system of claim 25, further comprising:

means for retrieving at least one stored predetermined property price estimate corresponding to a property in the group for use in an economic decision.

29. The system of claim 27, wherein the economic decision comprises a decision whether to sell the property.

30. The system of claim 27, wherein the economic decision comprises a decision whether to rely upon an appraisal of the property.

31. The system of claim 27, wherein the economic decision comprises a decision whether to update an appraisal of the property.

32. The system of claim 27, wherein the economic decision comprises a decision concerning a loan secured by the property.

33. The system of claim 32, wherein the decision concerning a loan secured by the property comprises a decision whether to purchase the loan.

34. The system of claim 32, wherein the decision concerning a loan secured by the property comprises a decision whether to guard against credit risk on the loan.

35. The system of claim 32, wherein the decision concerning a loan secured by the property comprises a decision regarding a course of action when the loan is in default.

36. The system of claim 32, wherein the decision concerning a loan secured by the property comprises a decision regarding pricing the property for foreclosure sale.

37. The system of claim 27, further comprising:

means for providing the retrieved predetermined property price estimate to a third party.

38. The system of claim 37, further comprising:

means for receiving remuneration from the third party.

39. The system of claim 25, wherein the predefined area is a predefined geographic area.

28. The system of claim wherein the economic decision comprises a decision whether to purchase the property.

40. A system for providing access to previously-computed property value estimates group of substantially all properties in a predefined area comprising:

means for providing input information of a property for which the previously computed property price estimate is desired;

means for accessing the previously-computed property price estimate corresponding to the input information from a forecast data repository containing previously-computed property price estimates for the group of substantially all properties in a predefined area; and

means for presenting the accessed previously-computed property price estimate corresponding to the input information.

41. The system of claim 40, further comprising:

means for performing an economic analysis based on the presented, previously-computed property price estimate.

42. The system of claim 40, wherein the predefined area is a predefined geographic area.

43. The system of claim 40, further comprising:

means for accessing from a database, a set of property data for each property in the group of substantially all properties in a predefined area;

means for determining a property price estimate for each property in the group as a function of the set of corresponding property data; and

means for storing, the computed determined property price estimate indexed to the corresponding property in the forecast data repository as a previously-computed property price estimate.

44. An article of manufacture capable of configuring a data processor to preprocess property value estimates for a group of substantially all properties in a predefined area, the article comprising program code to cause the data processor to perform the steps of:

accessing, from a database containing property data, a set of property data corresponding to each of the properties in the group;

determining a property price estimate for each of the properties in the group as a function of the set of corresponding property data; and

storing each of the computed determined property price estimates indexed to the corresponding properties in a forecast data repository as a predetermined property price estimate for each property in the group,

wherein the accessing, determining, and storing stops occur according to a predetermined schedule and the forecast data repository is made available for users to obtain the predetermined property Price estimates.

45. The article of manufacture of claim 44, further comprising program code to perform the step of:

retrieving at least one stored predetermined property price estimate corresponding to a Property in the group for use in an economic decision.

46. The article of manufacture of claim 45, wherein the economic decision comprises a decision concerning a loan secured by the property.

47. The article of manufacture of claim 45, further comprising program code to perform the step of:

providing the retrieved predetermined property price estimate to a third party.

48. The article of manufacture of claim 47, further comprising program code to perform the step of:

receiving remuneration from the third party.

49. The article of manufacture of claim 44, wherein the predefined area is a predefined geographic area.

50. An article of manufacture capable of configuring a data processor to provide access to previously-computed property estimates for a group of substantially all properties in a predefined area, the article comprising program code to cause the data processor to perform the steps of:

providing input information of a property for which the previously-computed property price estimate is desired;

accessing the previously-computed property price estimate corresponding to the input information from a forecast data repository containing previously-computed property price estimates for the group of substantially all properties in a predefined area; and

presenting the accessed previously-computed property price estimate corresponding to the input information.

51. The article of manufacture of claim 50, wherein the program code to perform the step of presenting the accessed preprocessed property price estimate includes program code to perform the step of:

performing an economic analysis based on the presented, previously-computed property price estimate.

52. The article of manufacture of claim 50, wherein the predefined area is a predefined geographic area.

53. The article of manufacture of claim 50, where the data processor is further configured to perform the steps of:

accessing from a database, a set of property data for each property in the group of substantially all properties in a predefined area;

means for determining a property price estimate for each property in the group as a function of the set of corresponding Property data; and

storing, the determined property price estimate indexed to the corresponding property in the forecast data repository as a previously-computed property price estimate.

54. An article of manufacture storing preprocessed property estimates for a group of substantially all properties in a predefined area computed by a method comprising the steps of:

accessing, from a database containing property data for the group of substantially all properties in a predefined area, a set of property data corresponding to each of the properties;

determining a property price estimate for each of the properties in the group as a function of the set of corresponding property data; and

storing the determined property price estimates indexed to the corresponding properties in a forecast data repository as predetermined property price estimates,

wherein the accessing, determining, and storing occur according to a predetermined schedule and the forecast data repository is made available for users to obtain the preprocessed property price estimates.

55. The article of manufacture of claim 54, wherein the method further comprises the step of:

retrieving at least one stored predetermined property price estimate for use in an economic decision.

56. The article of manufacture of claim 54, wherein the is redefined area is a predefined geographic area.