Belt Auction

Can someone define these terms to a student researching foreclosures?

I compiled a list of foreclosures off realtytrac.com and I am doing a demographic study of the affected zip code. The web site differentiates between the following terms: Pre-foreclosure; Auction; Bank-owned; FSBO; Resale Any knowledge at what determines the housing status would be greatly appreciated, it doesnt have to be too detailed, I just want to be able to filter what I need.

Public Comments

1. Pre-foreclosure - this means the bank has given the owners a chance to become current on an overdue mortgage. Auction: home is foreclosed and going to public auction. Bank-owned: the bank has foreclosed and taken back legal ownership of the property. FSBO: For Sale By Owner Resale: Being sold after prior ownership.
2. Pre-foreclosure would be a house that is currently behind in payments, but not yet in foreclosure. Auction would be a house that was foreclosed and auctioned off to the highest bidder. Bank-owned would be a house that was foreclosed and the bank has taken back ownership of the house. It hasn't yet been sold or auctioned. FSBO - For Sale By Owner Resale - not sure the context, but probably means it was sold one way or other.