You already receive great answers to your question. Home prices in the Los Angeles area are not that low. You can search for homes for sale on my website at http://www.tovasarir.com where you will get real time listings. Feel free to contact me if you need any further assistance with your home search in the Los Angeles area.
Realty Trac is not a real estate broker. They report foreclosure activity from public records. That amount reported is most likely the amount of the default owed by the owner. If the owner does not cure the default it will end up going to foreclosure sale. If you are interested in buying real estate in the Los Angeles area, please feel free to contact me and I will be happy to help you.
Best of luck,