A golf ball with a controlled moment of inertia and controlled spin rate is disclosed. In one embodiment, the golf ball comprises a core, an intermediate layer and a cover, wherein the intermediate layer comprises a foamed highly neutralized polymer, has its specific gravity reduced to less than about 1.05, wherein the reduction in the specific gravity of the intermediate layer is less than about 25% to minimize the reduction in the coefficient of restitution of the golf ball to about 6% or less.