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FORECLOSURE HOUSES "There are many definitions for what constitutes a foreclosure houses. The typical example consists of a house on a separate property or lot that has been listed as a foreclosure. This is commonly referred to as a Single Family Residence ("SFR"). In this form of houses ownership the houses is usually owned in "fee simple". This means the title is held in the name of the owner. There is another form of foreclosure houses ownership which is referred to as a Condominium or "Condo". In this form of foreclosure houses ownership the title to the actual residence portion of the property is held in fee simple, but there are common areas in which all residents have access and which must be maintained through common area maintenance fees. Condominiums can be residential or commercial (office condos, etc.) and they may take many forms in the way of building types. Another form of foreclosure houses ownership is what as known as a co-operative or Co-op. In this cooperative the home owner holds title to shares in a corporation like entity known only as a cooperative. Residential construction stimulates the economy directly by generating jobs, wages and tax revenues and indirectly as the demand for goods and services created by the construction of new homes "ripples" through the economy. There are many definitions for what constitutes a house. The typical example consists of an item on a separate property or lot. This is commonly referred to as a Single Family. Shared ownership is usually pro rated to the amount of space taken by the resident in the building and common areas operate much like a Condominium. Many have found that the best way to find a foreclosured houses is through foreclosured which may be listed for sale on the internet. Many use a mortgage as a financing tool to purchase a foreclosure houses. A mortgage is a loan form a bank which is used to acquire the home along with an original down payment on many houses.