Patent ID: 7765125

Claim:
A computer implemented method for real property value estimation based upon a set of transaction records including trusted transaction records and questioned transaction records, the method comprising: determining, by the computer, an initial price estimation index by applying a repeat transaction model to only the trusted transaction records that correspond to a geographical area; determining, by the computer, property level bias information for the questioned transaction records by comparing respective questioned transaction records to respective values predicted by the initial price estimation index, wherein the trusted transaction records are purchase transaction records and the questioned transaction records are non-purchase transaction records, and wherein the property level bias information is related to a transaction type of the questioned transaction records; treating, by the computer, the questioned transaction records using the property level bias information to provide treated transaction records; and determining, by the computer, a localized price estimation index that is distinct from the initial price estimation index, by applying a repeat transaction model to the trusted transaction records and the treated transaction records that respectively correspond to a subset of the geographical area.