I often have people ask me about the availability of foreclosure homes but, in my opinion, a better bargain can be had by finding these foreclosure homes before they go through foreclosure.  Find sellers who are in pre-foreclosure and offer to buy their house, thereby helping them avoid the terrible credit mark of a foreclosure.  I believe, in pre-foreclosure you can get a better value than waiting for the banks to repossess them.  Why?  Because, most homes are highly mortgaged and by the time the bank tacks on the legal fees of foreclosure (and selling fees) the banks have to price it higher than actual market value.   

I have posted a more detailed dissertation of this subject on my other blog at: 
                          http://www.RealEstateSuccess.blogspot.com