Kiplinger has a good, quick overview of real estate foreclosures.
At the market’s peak, in the first half of 2005, the nationwide median discount off market value of foreclosures was 14.6%
There are huge pitfalls to buying foreclosures.
Notice the level of expertise of the two successful foreclosure buyers in the article. One was a real estate agent and the other had purchased 15 foreclosures.
Foreclosures are NOT something you can just dabble in.