Patent ID: 8301459

Claim:
A computer-implemented method for processing data to forecast 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: calculating, using a data processor, an electronic price index as a function of time for properties in the second housing sub-market; extracting first transaction data for the first housing sub-market from one or more databases; extracting second transaction data for the second housing sub-market from one or more databases; calculating, using the data processor, an error correction function for the first housing sub-market using the first transaction data and the second transaction data; calculating, using the data processor, an electronic 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; generating, using the data processor, data indicating 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; and storing the generated data in computer memory.