Zetabid to Auction 100 Homes in Southern California

Zetabid, the pioneering firm redefining home auctions in the U.S., today said it will sell approximately 100 bank-owned homes in Southern California on Saturday, May 16, 2009 at the Pomona Fairplex.

The auction, Zetabid's third in Southern California in the past eight months, will include the sale of single-family homes, multi-family homes and condominiums in Los Angeles, Riverside, San Bernardino, Orange, Kern and San Diego counties.

"The market for foreclosed residential properties in Southern California is as robust as we've seen it," said Bob Bellack, Chairman of Zetabid. "The strong demand for bank-owned properties is due to stabilizing housing prices, government stimulus programs and historically low interest rates. The confluence of these factors and the understanding that auctions are among the best ways to get a great property are likely to result in a strong turnout."

Over the past eight months, Zetabid has sold more than 1,000 homes in California, Florida and Arizona in 11 auctions. More than 4,000 people have participated, and many buyers have purchased homes for 50% of the list price at the height of the housing boom.

At the May 16 event in Pomona, Zetabid is expecting active bidding from first-time homebuyers. The federal government recently made it even more compelling to own a home for the first time by offering a tax credit of up to $8,000 to qualifying taxpayers who buy a home in 2009.

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