Method and system for providing a home data index model

a technology of home price and index model, applied in the field of determining real estate trends and housing values, can solve the problem that no one model or measure can truly capture the widely dynamic movement of home pri

Inactive Publication Date: 2013-04-25
CLEARCAPITAL COM INC
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Benefits of technology

[0012]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. ...

Problems solved by technology

One driving force behind this HDI initiative is that no one model ...

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  • Method and system for providing a home data index model
  • Method and system for providing a home data index model

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[0022]One goal of the Home Data Index (HDI) in the present invention is to provide an accurate view of real estate markets by incorporating various levels of geographic precision, time frames, value intervals, and sale types. Generally, a Home Price Index (HPI) is a measure of how home prices in an area appreciate or depreciate over time based on the sales activity over the same period. One main purpose of HPIs is to offer insight into how market forces affect property values in a particular area. Several statistical approaches are currently used to determine appreciation rates, each with a different way of dealing with times frames, geographic resolutions and sale types. Some published HPIs tend to generate indices at large geographical perspectives, such as state, regional, or metropolitan areas. Additionally, many of the current methodologies also require a substantial time delay between the date of release and the dates for which the estimates are made. In some cases as much as ...

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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.

Description

CROSS REFERENCE TO RELATED APPLICATIONS[0001]This application is a divisional and claims priority benefit to U.S. patent application Ser. No. 12 / 581,060 filed Oct. 16, 2009, which claims priority U.S. provisional patent application No. 61 / 106,575 filed Oct. 18, 2008, which is incorporated by reference as if set forth herein.BACKGROUND OF THE INVENTION[0002]1. Field of the Invention[0003]The present invention generally relates to determining real estate trends and housing values, and, more specifically, to a Method and System for Providing a Home Data Index Model.[0004]2. The Prior Art[0005]The US Office of Federal Housing Enterprise Oversight (OFHEO) publishes the OFHEO HPI, a quarterly broad measure of the movement of single-family house prices. The Housing Price Index (HPI) is a weighted, repeat-sales index, meaning that it measures average price changes in repeat sales or refinancings on the same properties. This information is obtained by reviewing repeat mortgage transactions o...

Claims

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Application Information

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IPC IPC(8): G06Q50/16
CPCG06Q50/16G06Q30/0206G06Q30/0205G06Q30/0278
Inventor MARSHALL, KEVIN LEONMCSWEENY, SEAN M.VILLACORTA, ALEXANDER
Owner CLEARCAPITAL COM INC
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