When you say you are looking for a home "in foreclosure" you may mean one of two things...
Pre-foreclosure 'short sales' - these are where the owner is in default, eminent default, or nearing the date of trustee's sale. They are in a distress situation, where the owner has typically contacted the bank to let them know they will be selling the home for less than what's owed on the property. Hence, the term 'short sale' or 'short pay.'
Foreclosed homes - these homes are those that have already been repossessed by the bank, and are available for immediate occupancy. Since the bank owns the property, they are typically well-priced and may sell quickly. This is not always the case, but likely.
Both types of homes can represent great values... as a previous poster wrote, short-sales can be very time-consuming and frustrating for the purchaser, and there are additional laws that govern the purchase of these homes. But since bank-repo homes can sell quickly, you need to be aware of the new additions to inventory as they come available.
Be sure to google and do your due diligence, to educate yourself about the process. Then, I can't stress this enough, be sure to consult with one or two professionals that deal with these types of sales often. Good luck to you!