<PAGE>   1
                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549


                                    FORM 10-Q


             Quarterly Report Pursuant to Section 13 or 15(d) of the
                        Securities Exchange Act of 1934

                      For the Quarterly Ended JUNE 30, 1997

                         Commission File Number 2-77645

                        REAL ESTATE ASSOCIATES LIMITED V
                       (A California Limited Partnership)

                  I.R.S. Employer Identification No. 95-3768810

                         9090 WILSHIRE BLVD., SUITE 201
                           BEVERLY HILLS, CALIF. 90211

                         Registrant's Telephone Number,
                       Including Area Code (310) 278-2191



Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding twelve months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.


                                 Yes  [X]   No  [ ]



<PAGE>   2


                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                               INDEX TO FORM 10-Q

                       FOR THE QUARTER ENDED JUNE 30, 1997



<TABLE>
<S>                                                                                     <C>
PART I.  FINANCIAL INFORMATION

   Item 1.  Financial Statements

          Balance Sheets, June 30, 1997 and December 31, 1996 .......................    1

          Statements of Operations,
               Six and Three Months Ended June 30, 1997 and 1996 ....................    2

          Statement of Partners' Equity (Deficiency),
               Six Months Ended June 30, 1997 .......................................    3

          Statements of Cash Flows,
               Six Months Ended June 30, 1997 and 1996 ..............................    4

          Notes to Financial Statements .............................................    5

   Item 2.  Management's Discussion and Analysis of Financial
               Condition and Results of Operations...................................    9


PART II. OTHER INFORMATION

 Item 1.  Legal Proceedings .........................................................   10

 Item 6.  Exhibits and Reports on Form 8-K ..........................................   10

 Signatures..........................................................................   11
</TABLE>




<PAGE>   3
                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                                 BALANCE SHEETS

                       JUNE 30, 1997 AND DECEMBER 31, 1996

                                     ASSETS

<TABLE>
<CAPTION>
                                                                      1997             1996
                                                                  (Unaudited)       (Audited)
                                                                  -----------      -----------

<S>                                                               <C>              <C>        
INVESTMENTS IN LIMITED PARTNERSHIPS (Note 2)                      $ 1,374,060      $ 1,305,672

CASH AND CASH EQUIVALENTS (Note 1)                                  2,016,814        1,953,506
                                                                  -----------      -----------
          TOTAL ASSETS                                            $ 3,390,874      $ 3,259,178
                                                                  ===========      ===========


                LIABILITIES AND PARTNERS' EQUITY (DEFICIENCY)

LIABILITIES:
     Accounts payable                                             $     3,147      $     9,978
                                                                  -----------      -----------

COMMITMENTS AND CONTINGENCIES (Notes 3 and 4)


PARTNERS' EQUITY (DEFICIENCY):
     General partners                                                (123,469)        (124,854)
     Limited partners                                               3,511,196        3,374,054
                                                                  -----------      -----------
                                                                    3,387,727        3,249,200
                                                                  -----------      -----------
           TOTAL LIABILITIES AND PARTNERS' EQUITY (DEFICIENCY)    $ 3,390,874      $ 3,259,178
                                                                  ===========      ===========
</TABLE>







   The accompanying notes are an integral part of these financial statements.



                                       1
<PAGE>   4

                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                            STATEMENTS OF OPERATIONS

                SIX AND THREE MONTHS ENDED JUNE 30, 1997 AND 1996

                                   (Unaudited)

<TABLE>
<CAPTION>

                                                    Six months    Three months    Six months    Three months
                                                      ended           ended          ended         ended
                                                   June 30, 1997  June 30, 1997  June 30, 1996  June 30, 1996
                                                   -------------  -------------  -------------  -------------

<S>                                                  <C>            <C>            <C>            <C>      
INTEREST INCOME                                      $  44,802      $  23,224      $  32,400      $  16,203
                                                     ---------      ---------      ---------      ---------
OPERATING EXPENSES:
    Legal and accounting                                39,252         19,364         39,657         13,521
    Management fees - general partner (Note 3)         127,224         63,612        127,224         63,612
    Administrative  (Note 3)                            29,031         17,176         22,042         12,588
                                                     ---------      ---------      ---------      ---------
         Total operating expenses                      195,507        100,152        188,923         89,721
                                                     ---------      ---------      ---------      ---------
LOSS FROM OPERATIONS                                  (150,705)       (76,928)      (156,523)       (73,518)

DISTRIBUTIONS FROM LIMITED
      PARTNERSHIPS RECOGNIZED AS
      INCOME (Note 2)                                   95,232         30,518        119,913         71,341

EQUITY IN INCOME OF LIMITED
      PARTNERSHIP AND AMORTI-
      ZATION OF ACQUISITION
      COSTS (Note 2)                                   194,000         97,000        250,000        125,000
                                                     ---------      ---------      ---------      ---------
NET INCOME                                           $ 138,527      $ 129,701      $ 213,390      $ 122,823
                                                     =========      =========      =========      =========
NET INCOME PER LIMITED PARTNERSHIP
      INTEREST (Note 1)                              $      18      $      17      $      27      $      16
                                                     =========      =========      =========      =========
</TABLE>












   The accompanying notes are an integral part of these financial statements.






                                       2
<PAGE>   5

                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                   STATEMENT OF PARTNERS' EQUITY (DEFICIENCY)

                         SIX MONTHS ENDED JUNE 30, 1997

                                   (Unaudited)

<TABLE>
<CAPTION>

                                          General        Limited
                                          Partners       Partners        Total
                                        -----------     ----------     ----------
<S>                                      <C>            <C>            <C>
PARTNERSHIP INTERESTS,
      June 30, 1997                                          7,808
                                                        ==========

EQUITY (DEFICIENCY),
      January 1, 1997                   $ (124,854)     $3,374,054     $3,249,200

      Net income for the six months
      ended June 30, 1997                    1,385         137,142        138,527
                                        ----------      ----------     ----------
EQUITY (DEFICIENCY),
      June 30, 1997                     $ (123,469)     $3,511,196     $3,387,727
                                        ==========      ==========     ==========
</TABLE>



















   The accompanying notes are an integral part of these financial statements.





                                       3
<PAGE>   6

                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                            STATEMENTS OF CASH FLOWS

                     SIX MONTHS ENDED JUNE 30, 1997 AND 1996

                                   (Unaudited)

<TABLE>
<CAPTION>

                                                                 1997             1996
                                                              -----------      -----------
<S>                                                           <C>              <C>        
CASH FLOWS FROM OPERATING ACTIVITIES:
       Net income                                             $   138,527      $   213,390
       Adjustments to reconcile net income to
          net cash used in operating activities:
             Equity in income of limited partnerships
                 and amortization of acquisition costs           (194,000)        (250,000)
             Increase in other assets                                   -             (600)
             Decrease in accounts payable                          (6,831)         (28,919)
                                                              -----------      -----------
                Net cash used in operating activities             (62,304)         (66,129)
                                                              -----------      -----------
CASH FLOWS FROM INVESTING ACTIVITIES:
       Distributions from limited partnerships recognized
          as a return of capital                                  125,612          139,633
                                                              -----------      -----------

NET (DECREASE) INCREASE IN CASH
       AND CASH EQUIVALENTS                                        63,308           73,504

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD                  1,953,506        1,876,153
                                                              -----------      -----------
CASH AND CASH EQUIVALENTS, END OF PERIOD                      $ 2,016,814      $ 1,949,657
                                                              ===========      ===========
</TABLE>












   The accompanying notes are an integral part of these financial statements.




                                       4
<PAGE>   7

                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                          NOTES TO FINANCIAL STATEMENTS

                                  JUNE 30, 1997


NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

     GENERAL

     The information contained in the following notes to the financial
     statements is condensed from that which would appear in the annual audited
     financial statements; accordingly, the financial statements included herein
     should be reviewed in conjunction with the financial statements and related
     notes thereto contained in the annual report for the year ended December
     31, 1996 prepared by Real Estate Associates Limited V (the "Partnership").
     Accounting measurements at interim dates inherently involve greater
     reliance on estimates than at year end. The results of operations for the
     interim period presented are not necessarily indicative of the results for
     the entire year.

     In the opinion of the Partnership, the accompanying unaudited financial
     statements contain all adjustments (consisting primarily of normal
     recurring accruals) necessary to present fairly the financial position as
     of June 30, 1997, and the results of operations for the six and three
     months then ended and changes in cash flows for the six months then ended.

     The general partners have a 1 percent interest in profits and losses of the
     Partnership. The limited partners have the remaining 99 percent interest
     which is allocated in proportion to their respective individual
     investments. National Partnership Investments Corp. (NAPICO) is the
     corporate general partner of the Partnership.

     USE OF ESTIMATES

     The preparation of financial statements in conformity with generally
     accepted accounting principles requires management to make estimates and
     assumptions that affect the reported amounts of assets and liabilities and
     disclosure of contingent assets and liabilities at the date of the
     financial statements and reported amounts of revenues and expenses during
     the reporting period. Actual results could differ from those estimates.

     METHOD OF ACCOUNTING FOR INVESTMENT IN LIMITED PARTNERSHIPS

     The investment in limited partnerships is accounted for on the equity
     method. Acquisition, selection and other costs related to the acquisition
     of the projects are capitalized as part of the investment balance and are
     being amortized on a straight line basis over the estimated lives of the
     underlying assets, which is generally 30 years.

     NET INCOME PER LIMITED PARTNERSHIP INTEREST

     Net income per limited partnership interest was computed by dividing the
     limited partners' share of net income by the number of limited partnership
     interests outstanding during the year. The number of limited partnership
     interests was 7,808 for the periods presented.


                                        5


<PAGE>   8
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

     CASH AND CASH EQUIVALENTS

     Cash and cash equivalents consist of cash and bank certificates of deposit
     with an original maturity of three months or less. The Partnership has its
     cash and cash equivalents on deposit primarily with one high credit quality
     financial institution. Such cash and cash equivalents are in excess of the
     FDIC insurance limit.

     INCOME TAXES

     No provision has been made for income taxes in the accompanying financial
     statements since such taxes, if any, are the liability of the individual
     partners.

     IMPAIRMENT OF LONG-LIVED ASSETS

     The Partnership adopted Statement of Financial Accounting Standards No.
     121, Account for the Improvement of Long-Lived Assets and for Long-Lived
     Assets To Be Disposed Of as of January 1, 1996 without a significant effect
     on its financial statements. The Partnership reviews long-lived assets to
     determine if there has been any permanent impairment whenever events or
     changes in circumstances indicate that the carrying amount of the asset may
     not be recoverable. If the sum of the expected future cash flows is less
     than the carrying amount of the assets, the Partnership recognizes an
     impairment loss.

NOTE 2 - INVESTMENTS IN LIMITED PARTNERSHIPS

     The Partnership holds limited partnership interests in 19 limited
     partnerships at June 30, 1997. The partnerships own residential rental
     projects consisting of 1,319 apartment units. The mortgage loans of these
     projects are insured by various governmental agencies.

     The Partnership, as a limited partner, is entitled to 75 percent to 99
     percent of the profits and losses in these limited partnerships.

     Equity in losses of limited partnerships is recognized in the financial
     statements until the limited partnership investment account is reduced to a
     zero balance. Losses incurred after the limited partnership investment
     account is reduced to zero are not recognized.

     Distributions from the limited partnerships are accounted for as a return
     of capital until the investment balance is reduced to zero or to a negative
     amount equal to further capital contributions required. Subsequent
     distributions received are recognized as income.


                                        6


<PAGE>   9


                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)

                                  JUNE 30, 1997


NOTE 2 - INVESTMENTS IN LIMITED PARTNERSHIPS (CONTINUED)

     The following is a summary of the investment in limited partnerships for
     the six months ended June 30, 1997:

<TABLE>
     <S>                                                            <C>
     Balance, beginning of period                                   $1,305,672
     Cash distributions recognized as a
       return of capital                                              (125,612)
     Amortization of acquisition costs                                  (4,000)
     Equity in income of limited partnerships                          198,000
                                                                    ----------
     Balance, end of period                                         $1,374,060
                                                                    ==========
</TABLE>

     The following are unaudited combined estimated statements of operations for
     the six months ended June 30, 1997 and 1996 for the limited partnerships in
     which the Partnership has investments:


<TABLE>
<CAPTION>

                                         Six months       Three months      Six months     Three months
                                            ended            ended             ended           ended
                                        June 30, 1997    June 30, 1997     June 30, 1996   June 30, 1996
                                        -------------    -------------     -------------   -------------
<S>                                      <C>              <C>              <C>              <C>        
              REVENUES
                Rental income            $ 6,322,000      $ 3,161,000      $ 6,308,000      $ 3,154,000
                                         -----------      -----------      -----------      -----------

              EXPENSES
                Depreciation                 952,000          476,000          942,000          471,000
                Interest                   2,680,000        1,340,000        2,758,000        1,379,000
                Operating                  2,720,000        1,360,000        2,650,000        1,325,000
                                         -----------      -----------      -----------      -----------

                                           6,352,000        3,176,000        6,350,000        3,175,000
                                         -----------      -----------      -----------      -----------

                Net loss                 $   (30,000)     $   (15,000)     $   (42,000)     $   (21,000)
                                         ===========      ===========      ===========      ===========
</TABLE>


     NAPICO, or one of its affiliates, is the general partner and property
     management agent for certain of the limited partnerships included above.

     The Partnership is undergoing an extensive review of disposition,
     refinancing or re-engineering alternatives for the properties in its
     Portfolio that are subject to governmental mortgage and rental subsidy
     programs. The Partnership has begun to incur expenses in connection with
     this review by various third party professionals. Amounts incurred to date
     are not material to the operating results of the Partnership.   

NOTE 3 - MANAGEMENT FEES AND EXPENSES DUE TO GENERAL PARTNER

     Under the terms of the Restated Certificate and Agreement of Limited
     Partners, the Partnership is obligated to NAPICO for an annual management
     fee equal to 0.4 percent of the invested assets of the limited
     partnerships. Invested assets are defined as the costs of acquiring project
     interests, including the proportionate amount of the mortgage loans related
     to the Partnership's interests in the capital accounts of the respective
     partnerships. The fee was approximately $127,000 for the six months ended
     June 30, 1997 and 1996.



                                        7


<PAGE>   10


                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)

                                  JUNE 30, 1997


NOTE 3 - MANAGEMENT FEES AND EXPENSES DUE TO GENERAL PARTNER (CONTINUED)

     The Partnership reimburses NAPICO for certain expenses. The reimbursement
     paid to NAPICO was $9,790 and $8,970 for the six months ended June 30, 1997
     and 1996, respectively, and is included in administrative expenses.

NOTE 4 - CONTINGENCIES

     The corporate general partner of the Partnership is involved in various
     lawsuits arising from transactions in the ordinary course of business. In
     the opinion of management and the corporate general partner, the claims
     will not result in any material liability to the Partnership.

NOTE 5 - FAIR VALUE OF FINANCIAL INSTRUMENTS

     Statement of Financial Accounting Standards No. 107, "Disclosure about Fair
     Value of Financial Instruments," requires disclosure of fair value
     information about financial instruments. The carrying amount of assets and
     liabilities reported on the balance sheets that require such disclosure
     approximates fair value due to their short-term maturity.





                                        8


<PAGE>   11



                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                                  JUNE 30, 1997


ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
         CONDITION AND RESULTS OF OPERATIONS

     LIQUIDITY AND CAPITAL RESOURCES

     The Partnership's primary sources of funds include interest income earned
     from investing available cash and distributions from limited partnerships
     in which the Partnership has invested.

     RESULTS OF OPERATIONS

     Partnership revenues consist primarily of interest income earned on
     certificates of deposit and other temporary investment of funds not
     required for investment in local partnerships.

     Operating expenses consist primarily of recurring general and
     administrative expenses and professional fees for services rendered to the
     Partnership. In addition, an annual Partnership management fee in an amount
     equal to .4 percent of invested assets is payable to the corporate general
     partner. Operating expenses are consistent with the prior year.

     The Partnership is undergoing an extensive review of disposition,
     refinancing or re-engineering alternatives for the properties in its
     Portfolio that are subject to governmental mortgage and rental subsidy
     programs. The Partnership has begun to incur expenses in connection with
     this review by various third party professionals. Amounts incurred to date
     are not material to the operating results of the Partnership.   

     The Partnership accounts for its investments in the local limited
     partnerships on the equity method, thereby adjusting its investment balance
     by its proportionate share of the income or loss of the local limited
     partnerships. Losses incurred after the limited partnership investment
     account is reduced to zero are not recognized in accordance with the equity
     accounting method.

     Distributions received from limited partnerships are recognized as return
     of capital until the investment balance has been reduced to zero or to a
     negative amount equal to future capital contributions required. Subsequent
     distributions received are recognized as income.

     Except for certificates of deposit and money market funds, the
     Partnership's investments are entirely interests in other limited
     partnerships primarily owning government assisted projects. Available cash
     is invested in these funds earning interest income as reflected in the
     statement of operations. These funds can be converted to cash to meet
     obligations as they arise. The Partnership intends to continue investing
     available funds in this manner.



                                        9


<PAGE>   12



                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                                  JUNE 30, 1997


PART II.  OTHER INFORMATION

ITEM 1.   LEGAL PROCEEDINGS

The corporate general partner is involved in various lawsuits. None of these are
related to REAL V.


ITEM 6.   EXHIBITS AND REPORTS ON FORM 8-K

     (a)  No exhibits are required per the provision of Item 7 of regulation
          S-K.
















                                       10


<PAGE>   13


                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                                  JUNE 30, 1997


                                   SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.


                                REAL ESTATE ASSOCIATES LIMITED V
                                (a California limited partnership)


                                By:     National Partnership Investments Corp.
                                        General Partner


                                Date:
                                     -----------------------------------------



                                By:
                                   -------------------------------------------
                                   Bruce Nelson
                                   President



                                Date:
                                     -----------------------------------------




                                 By:
                                    ------------------------------------------
                                    Charles H. Boxenbaum
                                    Chief Executive Officer
                                    

                                 Date:
                                     -----------------------------------------



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