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Real Estate Industry El Salvador

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July 20, 1996 | JUANITA DARLING, TIMES STAFF WRITER
With his 11-home development in the hills above this capital right on schedule, less than two months from completion, Jose Othmaro Apontes should have been happy. Instead, the 42-year-old engineer worried. The bank loan that financed the project was coming due, and only one of the $70,000 townhouses had sold. With mortgage interest rates at 23% here, a family needed a $2,800 monthly income to qualify for a loan, making prospective customers less than plentiful.
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NEWS
July 20, 1996 | JUANITA DARLING, TIMES STAFF WRITER
With his 11-home development in the hills above this capital right on schedule, less than two months from completion, Jose Othmaro Apontes should have been happy. Instead, the 42-year-old engineer worried. The bank loan that financed the project was coming due, and only one of the $70,000 townhouses had sold. With mortgage interest rates at 23% here, a family needed a $2,800 monthly income to qualify for a loan, making prospective customers less than plentiful.
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