VALUATION OF PROPERTIES BORDERING SPECIFIED GEOGRAPHIC FEATURES

20120323798

13/162819

June 17, 2011

Modeling comparable properties and rendering map images with automatic valuation of properties bordering specified geographic features. A valuation model identifies and accounts for the proximity of properties to geographic features. For example, estimating property value includes accessing property data corresponding to a geographic area and performing a regression based upon the property data. The regression models the relationship between price and explanatory variables, with the explanatory variables including proximity to geographic features. Proximity may be a categorical variable wherein properties bordering the geographic feature are determined to possess the proximity characteristic. Alternative explanatory variables may incorporate different degrees of proximity.

Den Herder, Nathan Pieter (Falls Church, VA, US); Fout, Hamilton (Rockville, MD, US); Pierce, Steven L. (Annandale, VA, US); Rosenblatt, Eric (Derwood, MD, US); Treadwell, John D. (Washington, DC, US)

Fannie Mae (Washington, DC, US)

1. A method for estimating property value, the method comprising: accessing property data corresponding to a geographic area; identifying a geographic feature within the geographic area; performing a regression based upon the property data, the regression modeling the relationship between price and explanatory variables, the explanatory variables including a proximity to the geographic feature; identifying a subject property; automatically determining a set of value adjustments based upon differences in the explanatory variables between the subject property and each of a plurality of comparable properties, the set of value adjustments including a determination of the proximity to the geographic feature for the subject property and the plurality of comparable properties; and estimating a value for the subject property based upon the set of value adjustments.

2. The method of claim 1, further comprising: accessing map data including a shape for the geographic feature and parcels of candidate comparable properties; determining an expanded area corresponding to the geographic feature; and determining the proximity to the geographic feature includes determining whether the expanded area overlaps a parcel of a candidate comparable property.

3. The method of claim 2, wherein determining the proximity to the geographic feature further includes examining a line extending between a location designated for the geographic feature and a location designated for the parcel of the candidate comparable property.

4. The method of claim 3, wherein determining the proximity to the geographic feature includes determining a bordering proximity, and wherein determining the bordering proximity includes determining whether an intervening non-excluded parcel is present along the line between the geographic feature and the parcel of the candidate comparable property.

5. The method of claim 4, wherein the line extends between a centroid of the parcel for the candidate comparable property and a midpoint of lines constituting the shape for the geographic feature.

6. The method of claim 2, wherein determining the proximity to the geographic feature further comprises: examining a centroid line extending between a centroid of the parcel for the candidate comparable property and a location designated for the parcel of the candidate comparable property; examining a plurality of midpoint lines extending between respective midpoints of lines forming the boundaries of the parcel of the candidate comparable property; and determining a bordering proximity of the candidate comparable property to the geographic feature where the centroid line and at least one of the plurality of midpoint lines do not include an intervening non-excluded parcel.

7. The method of claim 1, wherein the explanatory variable for the proximity to the geographic feature comprises a categorical determination whether the subject property borders the geographic feature.

8. The method of claim 1, wherein the explanatory variable for the proximity to the geographic feature depends upon the physical distance between the subject property and the geographic feature.

9. A system for estimating property value, the system comprising: means for accessing property data corresponding to a geographic area; means for identifying a geographic feature within the geographic area; means for performing a regression based upon the property data, the regression modeling the relationship between price and explanatory variables, the explanatory variables including a proximity to the geographic feature; means for identifying a subject property; means for automatically determining a set of value adjustments based upon differences in the explanatory variables between the subject property and each of a plurality of comparable properties, the set of value adjustments including a determination of the proximity to the geographic feature for the subject property and the plurality of comparable properties; and means for estimating a value for the subject property based upon the set of value adjustments.

10. The system of claim 9, further comprising: means for accessing map data including a shape for the geographic feature and parcels of candidate comparable properties; means for determining an expanded area corresponding to the geographic feature; and means for determining the proximity to the geographic feature includes determining whether the expanded area overlaps a parcel of a candidate comparable property.

11. The system of claim 10, wherein determining the proximity to the geographic feature further includes examining a line extending between a location designated for the geographic feature and a location designated for the parcel of the candidate comparable property.

12. The system of claim 9, wherein the explanatory variable for the proximity to the geographic feature comprises a categorical determination whether the subject property borders the geographic feature.

13. A computer program product for estimating property value, comprising a non-transitory computer readable medium having program code stored thereon, the program code being executable to perform operations comprising: accessing property data corresponding to a geographic area; identifying a geographic feature within the geographic area; performing a regression based upon the property data, the regression modeling the relationship between price and explanatory variables, the explanatory variables including a proximity to the geographic feature; identifying a subject property; automatically determining a set of value adjustments based upon differences in the explanatory variables between the subject property and each of a plurality of comparable properties, the set of value adjustments including a determination of the proximity to the geographic feature for the subject property and the plurality of comparable properties; and estimating a value for the subject property based upon the set of value adjustments.

14. The computer program product of claim 13, wherein the operations further comprise: accessing map data including a shape for the geographic feature and parcels of candidate comparable properties; determining an expanded area corresponding to the geographic feature; and determining the proximity to the geographic feature includes determining whether the expanded area overlaps a parcel of a candidate comparable property.

15. The computer program product of claim 14, wherein determining the proximity to the geographic feature further includes examining a line extending between a location designated for the geographic feature and a location designated for the parcel of the candidate comparable property.

16. The computer program product of claim 15, wherein determining the proximity to the geographic feature includes determining a bordering proximity, and wherein determining the bordering proximity includes determining whether an intervening non-excluded parcel is present along the line between the geographic feature and the parcel of the candidate comparable property.

17. The computer program product of claim 16, wherein the line extends between a centroid of the parcel for the candidate comparable property and a midpoint of lines constituting the shape for the geographic feature.

18. The computer program product of claim 14, wherein determining the proximity to the geographic feature further comprises: examining a centroid line extending between a centroid of the parcel for the candidate comparable property and a location designated for the parcel of the candidate comparable property; examining a plurality of midpoint lines extending between respective midpoints of lines forming the boundaries of the parcel of the candidate comparable property; and determining a bordering proximity of the candidate comparable property to the geographic feature where the centroid line and at least one of the plurality of midpoint lines do not include an intervening non-excluded parcel.

19. The computer program product of claim 13, wherein the explanatory variable for the proximity to the geographic feature comprises a categorical determination whether the subject property borders the geographic feature.

20. The computer program product of claim 13, wherein the explanatory variable for the proximity to the geographic feature depends upon the physical distance between the subject property and the geographic feature.

705/306

06; 06

edspap.20120323798