No default option this but possible through code customization.
1. Can we allow no registration required to post ad however...
2. Double Opt-in, email validation before an ad becomes active
Classipress includes an advanced search filter which allows you to make a Region i.e. States and any other custom field values as a a parameter.
3. Localize or region, I can't see anywhere mentioned about this.
Please take note that the theme is not encrypted and so it can be customized according to your requirements. Implementation is just dependent on your coding skills or you can avail the services of an experienced programmer to do it for you. Appthemes also have certified community partners
http://www.appthemes.com/partners/ that can be contacted for customization jobs.
