More than 240 homes repossessed by the lenders in the Central Valley and Bay Area will be sold in a three-day auction beginning Saturday in Sacramento.

The houses range from nearly new to run down and ragged.

At first glance, the foreclosure auction appears to be a bargain hunter's dream. In some cases, the opening bid starts at well under half the price of the property's recent market value.

For example, the starting bid for a one-year-old home at 10216 Shoech Way in Elk Grove is $279,000. Property records show the house sold new last year for $620,000.

The Irvine-based Real Estate Disposition Corporation is hosting the auction at three sites:
* Saturday at Cal Expo in Sacramento
* Sunday at the San Mateo County Fairgrounds
* Monday at the Modesto Centre Plaza

Buyers need a $5,000 cashier's check to register, and properties can be financed with as little as 5 percent down. But some of the homes in poorer condition require a 30 percent down payment, according to the auction company's Web site.