Many houses that Realty Trac "tracks" will never be foreclosed upon, and almost none will be offered for prices significantly below current value minus the costs of repairs.
As a professional who buys foreclosed properties, I can assure you that foreclosures almost never sell for pennies on the dollar. Unless you are measuring the value at the bubble peak from 2005 If you do that, then almost every house in California is worth a fraction of its peak value, ...not just foreclosures.
If you have any other questions about this property, or how the foreclosure process works, please call or email me with any questions.
Have a great day.