Lis Pendens, as Ibrahim said, is just a legal document that states the lein holders of the property in question have begun foreclosure procedures.
Just because this document has been filed with the courts, and subsequently made public record (via public notice, usually in the newspaper), does not mean the house is for sale, or that it will even be sold or foreclosed upon. Owners have several ways of stopping the foreclousre procedure.
The price you see in the public notices, is usually what is still owed on the house as of the time of the owner defaulting on the loan. The actual market value of the house may, in fact, be (much) more. People stop paying their mortgages for a multitude of reasons, so even though it's not typical, you cannot assume that the house itself is worth less than what is owed to the bank.