Multi-layered golf balls having a core, intermediate layer, and cover are provided. The ball includes a non-foamed inner core (center) made of a thermoplastic or thermoset composition such as polybutadiene rubber. An intermediate layer comprising a foamed composition, such as polyurethane foam, is disposed about the inner core. The foamed intermediate layer may have a specific gravity gradient within the layer, wherein the outer surface specific gravity is greater than the midpoint specific gravity. Ball constructions having two intermediate layers, wherein at least one layer is a foamed layer can be made. A cover having at least one layer is disposed about the intermediate layer.