In the current housing market, foreclosures are an everyday occurence. When homeowners are unable to continue paying their mortgage due to a variety of economic factors, banks step in to repossess their homes. While this process can be unpleasant for people trying to hang onto their homes, it offers home buyers an opportunity to get into a home they might not normally be able to afford. Some foreclosed homes are sold at auction, while others are sold in individual transactions like any other home for sale. Buying a foreclosure property can be the quickest way to get into home ownership.