Why are foreclosed properties so expensive???

I have been looking around some popular foeclosure sites and one well known NY foreclosure broker’s site and all I can say how do you make any money??..I find it hard to understand where the profit is in foreclosures considering that most need so much work…I know the trades well and anyone else who does will tell you that material has gone up 3 fold in the last 24 months and cheap labor is hard to find (but it’s out there)…Is there any way to negotiate with these banks…I see some of the prices and I find it laughable that anyone would be remotely willing to take such a risk on a run down battered property that in reality is only a few bucks under market value…Please someone shed some light on my dilemma…

<<Why are foreclosed properties so expensive???>>

Because it’s in New York – it’s a “red state”.