If you're interested in learning more about foreclosures/ property auctions, you will also want to take a look at Bid4Assets.com. I would say don't pay a service fee for "foreclosure" lists when it's so easy to just check this site, or to go on Craigslist (keywords: bank owned, foreclosure, or I also found alot of good stuff listed under "acres" that was unbelievably cheap). You could also visit bank sites and look for what they've got on their books at the moment. You will still need to have decent credit and a down payment (or cash for the whole thing), and good judgment (i.e. don't buy a crack house, even if it's $1,000, because it will be even more expensive to get everyone out and tear that house down).
Here are some other sites where you can look for government-owned, bank-owned, or otherwise under-market property:
Bank of America has literally thousands of bank-owned properties in their database, just in the state of California. Take a look!
Countrywide Bank has a different (and much longer) list, even though Bank of America now owns them. Seriously, sit down with some coffee and go through this one.
You can also find a list of lists (I know, usually I don't suggest these types of things, but this is a good one) over at http://www.thedirectoriescompany.com/reos.htm
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