BAKERSFIELD, Calif. -- With one of the highest delinquency rates in the nation, California’s housing market is swimming in foreclosures. In an effort to work this mounting inventory off their books, banks are offering aggressive discounts on their real estate owned (REO) properties at auctions.

Hudson & Marshall will auction over 50 homes December 9th-12th in Los Angeles, Riverside, San Bernardino, Sacramento, Bakersfield and Victorville/Palmdale. A variety of homes will also be auctioned on site at property addresses.

Valued from about $30,000 to $470,000, all the homes come with title insurance paid for by the sellers. Buyers will be required to make a cash or certified check deposit of $5,000 for each property which they are the winning bidder.

“For buyers contemplating purchasing a home, today’s housing conditions couldn’t be more favorable. Foreclosures with their discounted price tags are a great way for buyers to score greater savings in this over supplied, low priced market,” remarked Dave Webb, principal, Hudson & Marshall.

According to the Mortgage Bankers Association, there are currently 4 million loans 90 days or more past due or in foreclosure and 3.9 million homes for sale. In the third quarter of 2009, Florida, California, Arizona and Nevada accounted for 43% of all foreclosures in the country.

All homes auctioned by Hudson & Marshall are sold “as-is” and buyers should inspect properties before placing any bids. Properties can be viewed by contacting listing agents to schedule an appointment. Complete property details and additional information may be found at www.hudsonandmarshall.com or by calling 866-539-4172.

Hudson & Marshall will auction the homes on the following dates:

December 10th – Bakersfield (5 homes) at 7:00pm-Holiday Inn Bakersfield North - 3927 Marriot Drive Bakersfield, CA
December 11th – Victorville/Palmdale (5 homes) at 11:00am-Holiday Inn Express Hesperia
December 12th –LA/Riverside/San Bernardino areas (21 homes) at 11:00am-Marriott Ontario Airport

Prior to auction, buyers can purchase property online by visiting the website and clicking on the Bid-Now icon. Sellers typically respond to offers within 24 hours. This is a reserve auction, which means sellers have the right to accept, reject or counter any bid; however, in past auctions conducted by Hudson & Marshall, the majority of offers have been accepted.