The "Ponds at Granite Bay," set on 4.7 acres, does not include a house. Owner Gary Cino says he has made $5 million in improvements at the property.

Auctioneer Kevin O'Callaghan, right, will set the tone at the auction of the property of Gary Cino, left. There will be no minimum bid.

EPPIE JOHNSON The restaurateur decided to cut a lariat to mark the opening of his New Horseshoe Bar Grill.

Contractor John Kukis, who updates about 15 to 20 repossessed houses a month for banks, is installing flooring at this foreclosed home in south Sacramento. He has 10 employees. Markets have developed for appliance dealers replacing gutted kitchen equipment and loan specialists who tailor government-backed financing for repairs.

John Kukis measures a floor to estimate the cost of replacing carpet in a foreclosed home. Fixing up up a "repo" averages about $9,000, he said.

After checking out the backyard of this south area repossessed home, contractor John Kukis decides it would be less trouble to get rid of the spa than to repair it. About 20,000 homes have been repossessed in the Sacramento area in the past 18 months.

Holes in the wall and a knocked out wall are among the damages in an Elk Grove home that was used as a marijuana farm. The house, which looks like a typical suburban home from the outside is now for sale.

The previous occupants tampered with the electrical wiring to bypass paying large utility bills.

TOM KUNZ The Century 21 Real Estate chief executive sees the housing market bouncing around before going back up.