<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 SEPTEMBER 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 SEPTEMBER 30, 1997

<TABLE>
<CAPTION>

PART I.   FINANCIAL INFORMATION

<S>                                                                          <C>
 Item 1.     Financial Statements

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

        Statements of Operations,
             Nine and Three Months Ended September 30, 1997 and 1996 .........2

        Statement of Partners' Equity (Deficiency),
             Nine Months Ended September 30, 1997 ............................3

        Statements of Cash Flows,
             Nine Months Ended September 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

                    SEPTEMBER 30, 1997 AND DECEMBER 31, 1996

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

<S>                                                            <C>              <C>        
INVESTMENTS IN LIMITED PARTNERSHIPS (Note 2)                   $ 1,475,659      $ 1,305,672

CASH AND CASH EQUIVALENTS (Note 1)                               2,231,614        1,953,506
                                                               -----------      -----------

          TOTAL ASSETS                                         $ 3,707,273      $ 3,259,178
                                                               ===========      ===========


                  LIABILITIES AND PARTNERS' EQUITY (DEFICIENCY)

LIABILITIES:
     Accounts payable                                          $    40,293      $     9,978
                                                               -----------      -----------


COMMITMENTS AND CONTINGENCIES (Notes 3 and 4)


PARTNERS' EQUITY (DEFICIENCY):
     General partners                                             (120,676)        (124,854)
     Limited partners                                            3,787,656        3,374,054
                                                               -----------      -----------

                                                                 3,666,980        3,249,200
                                                               -----------      -----------

           TOTAL LIABILITIES AND PARTNERS'
                EQUITY (DEFICIENCY)                            $ 3,707,273      $ 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

             NINE AND THREE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996

                                   (Unaudited)
<TABLE>
<CAPTION>

                                                       Nine months        Three months        Nine months         Three months
                                                          ended              ended               ended                ended
                                                     Sept. 30, 1997       Sept. 30, 1997      Sept. 30, 1996     Sept. 30, 1996
                                                        ---------           ---------           ---------           ---------

<S>                                                           <C>                 <C>                 <C>                 <C>
INTEREST INCOME                                         $  69,437           $  24,636           $  51,755           $  19,357
                                                        ---------           ---------           ---------           ---------

OPERATING EXPENSES:
    Legal and accounting                                  110,717              58,189              41,192               1,535
    Management fees - general partner (Note 3)            190,836              63,612             190,836              63,612
    Administrative  (Note 3)                               45,887              16,857              31,108               9,066
                                                        ---------           ---------           ---------           ---------

       Total operating expenses                           347,440             138,658             263,136              74,213
                                                        ---------           ---------           ---------           ---------

LOSS FROM OPERATIONS                                     (278,003)           (114,022)           (211,381)            (54,856)

DISTRIBUTIONS FROM LIMITED
      PARTNERSHIPS RECOGNIZED AS
      INCOME (Note 2)                                     404,783             263,727             197,297              77,384

EQUITY IN INCOME OF LIMITED
      PARTNERSHIP AND AMORTI-
      ZATION OF ACQUISITION
      COSTS (Note 2)                                      291,000              97,000             375,000             125,000
                                                        ---------           ---------           ---------           ---------

NET INCOME                                              $ 417,780           $ 246,705           $ 360,916           $ 147,528
                                                        =========           =========           =========           =========

NET INCOME PER LIMITED PARTNERSHIP
      INTEREST (Note 1)                                 $      54           $      32           $      46           $      19
                                                        =========           =========           =========           =========
</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)

                      NINE MONTHS ENDED SEPTEMBER 30, 1997

                                   (Unaudited)
<TABLE>
<CAPTION>


                                        General         Limited
                                        Partners        Partners        Total
                                       ----------     -----------     ----------


<S>                                  <C>               <C>            <C>   
PARTNERSHIP INTERESTS,
    September 30, 1997                                     7,808
                                                      ==========


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

    Net income for the nine months
    ended September 30, 1997                4,178         413,602        417,780
                                       ----------      ----------     ----------

EQUITY (DEFICIENCY),
    September 30, 1997                 $ (120,676)     $3,787,656     $3,666,980
                                       ==========      ==========     ==========
</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

                  NINE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996

                                   (Unaudited)
<TABLE>
<CAPTION>

                                                                            1997             1996
                                                                       -----------      ------------

<S>                                                                    <C>              <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
      Net income                                                       $   417,780      $   360,916
      Adjustments to reconcile net income to
         net cash used in operating activities:
            Equity in income of limited partnerships
                and amortization of acquisition costs                     (291,000)        (375,000)
            Increase in other assets                                            --             (600)
            Increase (decrease) in accounts payable                         30,315          (29,439)
                                                                       -----------      -----------

               Net cash provided by (used in) operating activities         157,095          (44,123)
                                                                       -----------      -----------

CASH FLOWS FROM INVESTING ACTIVITIES:
      Distributions from limited partnerships recognized
         as a return of capital                                            121,013          139,633
                                                                       -----------      -----------

NET INCREASE IN CASH AND CASH EQUIVALENTS                                  278,108           95,510

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD                           1,953,506        1,876,153
                                                                       -----------      -----------

CASH AND CASH EQUIVALENTS, END OF PERIOD                               $ 2,231,614      $ 1,971,663
                                                                       ===========      ===========

</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

                               SEPTEMBER 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 September
    30, 1997, and the results of operations for the nine and three months then
    ended and changes in cash flows for the nine 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
                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)

                               SEPTEMBER 30, 1997


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. 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)
                                        
                               SEPTEMBER 30, 1997


NOTE 2 - INVESTMENTS IN LIMITED PARTNERSHIPS (CONTINUED)

    The following is a summary of the investment in limited partnerships for the
    nine months ended September 30, 1997:
<TABLE>
<CAPTION>

<S>                                                           <C>           
     Balance, beginning of period                             $ 1,305,672   
     Cash distributions recognized as a return of capital        (121,013)
     Amortization of acquisition costs                             (6,000)
     Equity in income of limited partnerships                     297,000
                                                              -----------
     
     Balance, end of period                                   $ 1,475,659
</TABLE>

    The following are unaudited combined estimated statements of operations for
    the nine months ended September 30, 1997 and 1996 for the limited
    partnerships in which the Partnership has investments:
<TABLE>
<CAPTION>

                         Nine months      Three months       Nine months      Three months
                           ended              ended             ended             ended
                       Sept. 30, 1997    Sept. 30, 1997    Sept. 30, 1996    Sept. 30, 1996
                       --------------    --------------    --------------    --------------
<S>                     <C>              <C>                <C>              <C>   
    REVENUES
      Rental income     $9,483,000        $3,161,000          $9,462,000       $3,154,000
                        ----------        ----------          ----------       ----------

    EXPENSES
      Depreciation       1,428,000           476,000           1,413,000          471,000
      Interest           4,020,000         1,340,000           4,137,000        1,379,000
      Operating          4,080,000         1,360,000           3,975,000        1,325,000
                        ----------        ----------          ----------       ----------

                         9,528,000         3,176,000           9,525,000        3,175,000
                        ----------        ----------          ----------       ----------

         Net loss      $   (45,000)      $   (15,000)        $   (63,000)     $   (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 which it
    has invested. The Partnership has began to incur expenses in connection with
    this review by various third party professionals, which amounted to $52,323
    for the nine months ended September 30, 1997.

                                       7
<PAGE>   10
                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                   NOTES TO FINANCIAL STATEMENTS (CONTINUED)

                               SEPTEMBER 30, 1997


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 $191,000 for the nine months ended
    September 30, 1997 and 1996.

    The Partnership reimburses NAPICO for certain expenses. The reimbursement
    paid to NAPICO was $14,531 and $14,620 for the nine months ended September
    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)

                               SEPTEMBER 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 which it
    has invested. The Partnership has began to incur expenses in connection with
    this review by various third party professionals, which amounted to $52,323
    for the nine months ended September 30, 1997.

    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)

                               SEPTEMBER 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.



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<PAGE>   13



                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                               SEPTEMBER 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



                                ------------------------------------------------
                                Bruce Nelson
                                President


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




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



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



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