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Top 5 Covington Real Estate Trends
Top 5 Trends In Real Estate For October, 2012  
Here are the Top 5 Topics and Trends shaping the Covington Real Estate market during October.
Mortgage Rates Lower Than Ever: Mortgage rates have dipped lower than they've ever been. Rates on 30-year fixed mortgages averaged 3.40 percent with an average 0.6 points at the end of last week. 15-year rates, popular for refinancing, averaged 2.73 with 0.6 average points. Demand For Loans Is Up: Demand for mortgage loans is up 5% over a year ago due to lower mortgage interest rates and pent-up consumer demand. However, fewer first-time home buyers are not buying right now to a normal extent because it's extremely hard for them to get loans. First-time buyers usually make up about 40% of the market. Banks are still not wanting to turn loose of all the excess funds they've accumulated. Maybe that will change after the November election. Inventory Is Very Low: A "good, normal" real estate market will usually have a six-month supply of homes listed and available. In Covington, we now have less than a four-month supply. The number of new listings on the market in Covington has decreased every month this year aas compared ... more

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