What's the deal with the $50K foreclosure homes in Atlanta?

I'm looking into trying to snag some good deals on single family homes right in the middle of Atlanta, because frankly.. there are alot of them! I mean there are newer homes that sold a year or two ago for up to $330K, and now they are being foreclosed on at around $50K. Yes, there is work required in each of these, but I want to know if anyone knows just exactly what else I'm missing here. It just seems absurd, so what's the catch? They are bankowned at this point and listed by legit real estate companies. (and yes, I am sad for those that lost their homes, but these houses are now sitting empty and abandoned).
Thanks!