Zetabid Auctions $100 Million in Homes in Northern and Central California

Zetabid, the pioneering firm redefining home auctions in the U.S., today announced its expansion into Northern and Central California and said it will auction $100 million in residential properties in a series of high-profile sales in November.

With lenders seeking to accelerate the liquidation of foreclosed properties, Zetabid is auctioning a wide range of single-family homes, townhouses and condominiums at three separate auction events. Properties to be auctioned are located in 50 cities, including Bakersfield, Fresno, Merced, Modesto, Stockton, Sacramento, Tracy, Manteca, Atwater, Patterson, Los Banos, Visalia, San Jose, Santa Clara, Morgan Hill, Gilroy, Pleasanton, Newark, Hayward, Oakland, Concord, Antioch, Pittsburg, Bay Point, Oakley, Vallejo, Fairfield, Napa, Vacaville, San Pablo, and Richmond.

To view homes or register to bid, visit http://www.zetabid.com. Prospective buyers can bid at the auction, via Zetabid’s worldwide Internet simulcast, or place an offer before the auction with the ‘buy it now’ form on the website.

“In the turmoil of today’s housing markets, buyers have a unique opportunity to purchase very attractive properties at auction that are significantly below the retail price,” said Bob Bellack, Chairman of Zetabid. “For those nervous about buying in an unstable market, Zetabid auctions provide buyers with true, current market values validated by other bidders. With greater confidence in housing prices, buyers can make informed decisions — and get a great deal in the process.”

At Zetabid’s auction in Southern California on Sept. 27-28, homes that went into contract were typically 25% to 40% below the retail price. More than 2,000 people participated in the auction, either online or in person at the Ontario Convention Center.

In recent months, falling home prices and rising inventory have prompted a reassessment of the best way for lenders to clear the market of unsold inventory. A recent report by Barclays Capital concluded that the faster lenders liquidate their bank-owned properties, the faster home prices will bottom out and stabilize.

“Despite the volatility in home prices, there are three very positive signs in the housing markets,” Bellack said. “First, the federal government’s bailout is starting to free up capital for lending. Second, financial institutions are recognizing that the most effective resolution to the problem is to liquidate properties rapidly, and not hold onto them. Third, home buyers — at least in California — are coming back into the market and are eager to buy houses at sharply lower prices.”

According to the California Association of Realtors, California home sales jumped 85% in August 2008 compared to a year ago. Although the prices were down, increased buying activity demonstrates that values have become appealing to consumers and investors.

“Consumers are realizing that now may be the right time to buy, and they are voting with their wallets,” Bellack said. “For lenders, auctions are proving to be a very effective way to establish fair market value and sell large volumes of properties quickly and efficiently.”

Auction Details

The auctions will be held in the following locations:

– Thursday, Nov. 20 in San Ramon, for properties located in the San Francisco Bay Area. San Ramon Marriott, 2600 Bishop Drive, San Ramon, CA 94583. Registration starts at 5 p.m. Bidding starts at 6:30 p.m.

– Saturday, Nov. 22 in Stockton, for properties located in the Sacramento-Stockton-Modesto regions. Sheraton Waterfront Hotel at Regent Pointe, 110 West Fremont Street, Stockton, CA 95354. Registration starts at 8:30 a.m. Bidding starts at 10 a.m.

– Sunday, Nov. 23 in Fresno, for properties located in the Fresno-Merced-Bakersfield regions. Fresno Golden Palace, 2625 W. Vassar Ave., Fresno, CA 93705. Registration starts at 11:30 a.m. Bidding starts at 1 p.m.

Buyers can make offers in person or online, and may bring their real estate agent to the auction event. Zetabid encourages buyers to view the homes by appointment with the listing agent or on the open house weekend November 15-16, from noon to 4 p.m. Zetabid encourages prospective buyers to inspect properties before bidding.

About Zetabid

Zetabid makes it easy and convenient for consumers to purchase bank- and builder-owned homes at Zetabid’s public auctions. A venture of the Los Angeles Times Media Group, GoIndustry-DoveBid and CataList Homes, Zetabid expands access to the inventory of residential properties sold at auction and opens up the market to U.S. and international buyers. Zetabid offers the widest reach and greatest awareness of auction inventory through its national network of print, broadcast and online partners. For more information, visit http://www.zetabid.com or call 888.4.ZETABID (888.493.8224).