Depending on where you looked and how a website syndicated/labeled its data, that $112K could mean differently.
In Garden Grove, it is almost impossible to find a house for $112,000. In your message it said "Loan Amount: $112,000". It more likely referred to the amount of of the lien in pre-foreclosure cases. Please be noticed that there could be more than one liens on a property. Current owners may explore different options such as loan mod, refinance, or short sale. If none of those efforts works out, the property may go to foreclosure.
In short, those pre-foreclosure prices barely reflect what the property will be actually listed or sold at. If you are a home buyer, you may want to focus on regular sales, short-sales, or REOs.
Good luck on your house hunting,