Newbie Questions......

I am interested in learning about buying foreclosures. I went to the Wachovia Foreclosure site and it listed a ton of homes. Here are my questions:
1) The Wachovia listings show the address and a dollar amount. What is the dollar amount? Is that what is owed on the mortgage? Many of them were below $50K. If I pay that amount, do I own the home?
2)Is this a good way to start in RE investing? I want to buy rental properties, and this seems like a good way.

ANY HELP IS APPRECIATED!!!!!!!!

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