"Foreclosure" seems to be a very popular word in real estate these days. That's because they're happening like never before. I've had a few clients ask me if foreclosures are "good deals." The answer is, "it depends."
Sometimes, buying a home that's been foreclosed upon is a great deal. Other times, it can be a big mistake. The best advice I can give if you're interested in these kinds of deals is, "do your homework."
This is a great post from Tara at Trulia on the subject.