This owner, although in default is NOT underwater, the "price" that Realty Trac is showing is NOT an asking price & the home is not for sale at this time. The amount of $150K is ONLY reflective of what that loan amount originated at a few years ago.
If this home were for sale, even as a short sale or foreclosure the bank would still be able to get a price in the neighborhood of $550-600K.
DO NOT PUT FAITH INTO REALTY TRAC it's a waste of time for you. It is inaccurate 99% of the time regarding "price".
If you'd like to let me know what you're looking for, I can help guide you through the murky waters of homes for sale online, so you're only looking at areas that you can afford. Shoot me an email directly, I don't look back on this same Trulia thread for answers posted after mine. You can search on my web link below & see what's out there in the $150K price range too.
Realtor Since 1996
Main Street Realtors