The home you were looking at was submitted by Realty Trac which keeps track of all homes that are in defualt or somewhere in the foreclosure property. The price they list is the amount they owe or are behind in their mortgage. These homes are not even necessarily for sale. I do not know why sites allow them to show as homes for sale, because they are not. It is possible that the home you are looking at is the one that is currently pending as John said, but it could also be any one of many homes on Trinity. 1.54 is not a bad price for that street, and it did sell. If the owner is really in financial trouble and only owes $588K they could sell the home in a heartbeat and repay that loan. My guess is that thye are working on something to fix the problem.
If you want to see homes that are actually for sale you can go to my website http://www.marcymoyer.com and search for homes without having to register.
If there was really a property for sale on Trinity for $588K, it would likely get hundreds of offers. Homes in this area typically sell between $1.5M-2.5M, with the lowest priced sale on Trinity in the last 9 years taking place back in 2003 for $1.337M.