A foreclosure list is simply an extensive list of all the properties that have been foreclosed. When you say a property has been foreclosed it means that the borrower who has taken a loan and mortgaged property in return has not made payments within the specified time period. As a result of this default in payment, the lender which in most cases is a bank, acquires the title to the property and has full right to do as it wishes with it.

Simply put, when a property is foreclosed, that means that the individual or group owners have not made their mortgage payments. The bank then assumes title of the property to do with as they please. Once a property has been put on the foreclosure list by the bank, it no longer wants to deal with it, which is why it puts it up for auction (in order to recover some or all of their money).