If you have cash. You can buy homes at the foreclosure sale.
I just represented out of state buyers and saved them $50,000 on a really great house that was listed prior to the sale for $325,000(As a Short Sale...).
Yeah, we have to sit on it for 90-120 days as it goes through redemption, but this kind of deal makes it worth it.
And, you can always refinance it after you have the Sheriff's deed and do it again.
Find yourself a competent REALTOR that understands the foreclosure process and go get 'em!