Bidders paid $3.7 million--about 65% of the asking prices--for 16 repossessed farm properties at an auction held by the Federal Land Bank and attended by more than 500 people at the state fairgrounds in Sacramento. Only one farm, a five-acre spread with a large house in Wilton, sold for more than the asking price. Nonetheless, A. Craig Nielsen, senior vice president of operations for Farm Credit Banks of Sacramento, said the prices were not necessarily discouraging. "We're pleased," he said. "We got a lot of people, and we got multiple bids on every property." Another auction of 24 farm properties was held in Fresno.