Data processing: financial – business practice – management – or co – Automated electrical financial or business practice or... – Real estate
Reexamination Certificate
2002-12-26
2010-10-26
Weiss, John G (Department: 3629)
Data processing: financial, business practice, management, or co
Automated electrical financial or business practice or...
Real estate
Reexamination Certificate
active
07822691
ABSTRACT:
A method for estimating a real estate price index based on a repeat sales model. The method includes the steps of eliminating corrupt portions of data used to determine price indices; regressing a difference in a log price of a second sale minus a log price of a first sale for a property on a set of dummy variables, eliminating the observations with zero residuals for estimating the dispersion function; using a quadratic formula to model a dispersion of residual values with respect to time interval; using the quadratic formula to solve for a dispersion for each time interval starting with a minimum positive value; determining a minimum dispersion value that is a value calculated from the quadratic formula; determining a maximum dispersion value that is calculated from the quadratic formula for each time interval starting with a minimum positive value, wherein the dispersion values are prevented from decreasing with increasing time intervals; repeating the step of regressing using the inverse of the square root of fitted values from the quadratic formula as weights; identifying and selecting the time periods and associated data for estimating a price index that covers a particular time period; excluding the index values which are determined to be unreliable; and obtaining an index series for a lower geographic level by using the index series of a higher geographic level.
REFERENCES:
patent: 5361201 (1994-11-01), Jost et al.
patent: 5675553 (1997-10-01), O'Brien et al.
patent: 5893069 (1999-04-01), White, Jr.
patent: 6401070 (2002-06-01), McManus et al.
patent: 6510419 (2002-06-01), Gatto
patent: 6609109 (2003-08-01), Bradley et al.
patent: 6609118 (2003-08-01), Khedkar et al.
patent: 6681211 (2004-01-01), Gatto
patent: 6842738 (2005-01-01), Bradley et al.
patent: 6876955 (2005-04-01), Fleming et al.
patent: 7292790 (2007-11-01), Sardesai
patent: 7366679 (2008-04-01), Yuyama et al.
patent: 2002/0059126 (2002-05-01), Ricciardi
patent: 2003/0046199 (2003-03-01), Murase et al.
patent: 2003/0078878 (2003-04-01), Opsahl-Ong
patent: 2004/0010443 (2004-01-01), May et al.
Kuo, Chionglong. “A bayesian approach to the construction and comparision of alternative house price indices,” Journal of Real Estate Finance and Economics, 1997, 14: 113-132.
Englund, Peter, John M. Quigley, and Christian L. Redfearn. (1999). “The choice of methodology for computing housing price indexes: comparisons of temporal aggregation and sample definition,” Journal of Real Estate Finance and Economics, 19:2, 91-112.
Meese, Richard A., and Nancy F. Wallace. (1997). “The construction of residential housing price indices: a comparision of repeat-sales, hedonic-regression, and hybrid approaches,” Journal of Real Estate Finance and Economics 14(1 & 2), 51-74.
Andrews, R.L.& Ferguson,J.T., “Integrating Judgement with Regression Appraisal”,Real Estate Appraiser and Analyst, Spring 1986, pp. 71-74.
Case, B. & Quigley, J.M., “The Dynamics of Real Estate Prices”,Rev. of Econ.&Stats., Feb. 1991, 73(1), pp. 50-58.
Case, K.E. & Shiller, R.J., “Forecasting Prices and Excess Returns in the Housing Market”,J. of the Areuea, 1990, 18(3), pp. 253-273.
Pace, R.K. & Gilley, O.W., “Appraisal Across Jurisdictions Using Bayesian Estatemation with Bootstrapped Priors for Secondary Mortgage Market Applications”,Prop. Tax J.Mar. 1989, 8 (1), pp. 27-42.
Quigley, J.M., “A Simple Hybrid Model for Estimating Real Estate Price Indexes”,J. Houseing Econ., Mar. 1995,4 (1), pp. 1-12.
Raftery, A. et al., “Model Selection and Accounting for Model Uncertainty in Linear Regression Models”, Nov. 19, 1993, U of Washington, pp. 1-24.
Sessions, D.N. & Chatterjee, S., “The Combining of Forecasts Using Recrursive Tecniques With Non-Stationary Weights”,J. of Forecasts, 1989, 8(3), pp. 239-251.
Archer, W.R. et al., “Measuring the Importance of Location in House Price Appreciation”,J. of Urban Economics,vol. 40, 1996, pp. 334-353.
Case, K.E. & Shiller, R.J., “Prices of Single-Family Homes Since 1970:New Indexes for Four Cities”, New England Economic Review, Sep./Oct. 1987, pp. 45-46.
Case, K.E. & Shiller, R.J., “The Efficiency of the Market for Single-Family Homes”, The American Economic Review, vol. 79(1), Mar. 1989,pp. 125-137.
Stephens, W. et al. “Conventional Mortgage Home Price Index”, J. of Housing Research, vol. 6(3),pp. 389-418.
Vandell, K.D., “Optimal Comparable Selection and Weighting in Real Property Valuation”, Areuea Journal, vol. 19(2), 1991, pp. 213-239.
Case et al., “On Choosing Among House Price Index Methodologies”, Journal of the American Real Estate & Urban Economics Association, vol. 19, No. 3,1991, pp. 286-307.
Abraham et al., “New Evidence on Home Prices from Freddie Mac Repeat Sales”. Journal of the American Real Estate & Urban Economics Association, Fall 1991, vol. 19, Issue 3, pp. 333-352.
Steven Wood “Combining Forecasts to Predict Property Values for Single-Family Residences” Land Economics, May 1976, pp. 221-229.
George W. Gau et al., “Optimal Comparable Selection and Weighting in Real Property Valuation: An Extension” (Journal of the American Real Estate and Urban Economics Association 1992, V20, 1: pp. 107-123.
Cumarasegaran Vern
Fannie Mae
Rader & Fishman & Grauer, PLLC
Weiss John G
LandOfFree
Method for determining house prices indices does not yet have a rating. At this time, there are no reviews or comments for this patent.
If you have personal experience with Method for determining house prices indices, we encourage you to share that experience with our LandOfFree.com community. Your opinion is very important and Method for determining house prices indices will most certainly appreciate the feedback.
Profile ID: LFUS-PAI-O-4167297