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Lima home sales decrease by 9 percent, study says

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Real estate sales in Lima and Callao have slowed down in the third quarter of the year, according to a report carried out by Tinsa Peru.

The report, quoted in Gestión, found that 6,306 properties had been sold in the third quarter of 2012, 9.8 percent less than the amount sold in the same quarter in 2011.

Tinsa CEO Gino Layseca said the slowdown was due to banks exercising greater caution when providing mortgages to clients in the B and C economic sectors, who represent 85 percent of demand.

According to Layseca, banks are looking for clients to undergo a proving period, in order to show they have capacity to pay their mortgage.

"They are delaying or returning units they sold in previous periods,” he said. “In the financial system, banks are definitely cautious about lending.”

However, Layseca predicted that mortgage loans would continue to grow at annual rate of 15 percent this year.

Real estate sales in Lima and Callao have slowed down in the third quarter of the year, according to a report carried out by Tinsa Peru.

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