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Sun 14 June 2009, MailOnline

Sold, but price is only half of the mortgage at auction

By Richard Dyson
A repossessed flat was sold at auction last week for just half the price of the mortgage secured against it. Auctioneers remarked that although the case was 'an absolute extreme, if not a record', the growing number of large shortfalls is symptomatic of the 'severe distress in some parts of the market'.
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