What you will find there are the properties and the listing agents. You won't find any "hidden gems no one else knows about."
In your area, find a real estate agent who will set up an automatic alert for REO's meeting your criteria. Depending on their system it could be just a couple of moments out of their day to get those to you.
Other than that, the other answers about checking with the courthouse are your best bets.
Title companies will often gather this information and pass it along to potential clients in hopes of gaining future business; however, I've found this information to be incomplete and dated.
Of course you can pay for the same information, but most of the services that I've tried aren't much better than what the title companies offer for free.
If the property goes to auction and no one buys it, ownership goes back to the lender who will then list it on the MLS as an REO. If you're interested in REOs, I have a saved property search that I created on our MLS and I'd be happy to add you to the notification list.
The real question though is, why foreclosures? Many times when a potential client inquires about foreclosures, we find that they really aren't interested in foreclosures, but rather finding a good deal. We do keep a watchful eye on pre-foreclosures & REOs, but it's part of a larger net that we cast when looking for good deals for our clients.