A Lis Pendens (notice of impending lawsuit) was filed against the owners on February 9, 2009, but a foreclosure suit has not been filed yet. It could take months for the bank to proceed and obtain title to the property. If you are interested in other foreclosures in the area, just email me or give me a call and I can provide information to you on those.
It is possible you could contact the owners to see if they are interested in selling. If may be possible that they will have to sell on a short sale, if the market value has dropped below what they owe on the home. If you would like more information on that process, I would be happy to help you.