If it's a RealtyTrac listing, it's not a price at all. In fact, the property probably isn't even for sale, and it may never be. Or if it was for sale, it's probably sold. In other words, RealtyTrac "listings" often are misleading, inaccurate, outdated, and just plain wrong.
The "price"--as others have already said--may be for one of the mortgages on the property. That has no relationship to the property's value or what it might sell for.
If you're interested in buying a property--foreclosure or otherwise (and don't limit yourself to foreclosures)--get a Realtor. Work with that Realtor to find a property. The Realtor's information--unlike RealtyTrac's--will be accurate and up-to-date.
Oh, and as Dan says, you don't have to pay for this information. A Realtor will give you the accurate, complete information for free.
Hope that helps.
Sorry, my original answer got abbreviated - I was replying via Blackberry.
Anyway, I'll give it another try.
The amount you referred to is usually the amount posted by the foreclosing bank as the amount needed to cure the loan. If the owner pays the bank that amount of money they will have either paid off all their late payments and back interest OR paid off the loan in full. Usually you will not have enough info in the sites you can find foreclosures to tell which is the case. In any event this is not the price of the home.
If the bank actually does foreclose on the property they will try to get as close to market value as they can. And they will almost always list the home with a REALTOR they have chosen.
I'm including a link you can use on one of my sites. You can get complete info on foreclosures in any area with it.
You can not buy the house for the price shown. The house is most likely not in foreclosure and has a good chance of NEVER being in foreclosure.
Find a realtor, find a bank website, find a real foreclosure. Just do not be a sucker and look at foreclosures from trulia or any place that asks for a credit card number to give you information.
If an address is disclosed it might be the price or just one of the many loans that are behind on the property/in default. To get a better sense of what the opening bid is, you will need to run a title report and do some research. Many foreclosures get postponed because of loan modifications and bankruptcies so chances are better that the property will be postponed and not sold.
The Carrabba Group
Keller Williams Hollywood Hills
Realty Trac sells subscriptions to people that might approach property owners who have received a notice of default and try to "help them". Similar to the signs that say "We buy houses". Their goal is to buy them at 20% under market value, fix them up, and flip them for a profit.
I published a market report for Shadow Hills, Sunland, and Tujunga each month. You can visit my website to get the latest market stats.
I work in the area if you need help.