Patent ID: 7509261
Filing Date: 2009-03-24
Classification: G06Q

Abstract:
1. A computer-implemented method for forecasting a price of a property in a first housing sub-market utilizing historical transaction data related to a second housing sub-market, the method comprising: electronically calculating a price index as a function of time for properties in the second housing sub-market; electronically calculating an error correction function for the first housing sub-market using transaction data extracted from a first database for the first housing sub-market and using transaction data extracted from a second database for the second housing sub-market; electronically calculating a price index as a function of time for properties in the first housing sub-market based on the calculated price index of the second housing sub-market and the calculated error correction function; and electronically providing an estimate of a price of the property in the first housing sub-market based on the calculated price index for the first housing sub-market, wherein the properties in the first housing sub-market are of a different type than the properties in the second housing sub-market.