It's a great time to buy a house! The first thing you should do is meet with Realtor in the area where you think you might want to buy. He or she will be aware of bank-owned properties and will help you determine if that's the best way to go. The other person you should speak with is a mortgage rep - with rates at current levels you might not need to buy a bank-owned property to keep yourself on budget.
I'm including a link to my website - it is called Basking Ridge Real Estate, but you can search Bedminster from there as well.
Good luck to you!