This is a Bank Owned (REO) property. Typically, a property becomes a full-fledged foreclosure when it is repossessed by the foreclosing lender, who can take possession either through what's called a deed-in-lieu-of-foreclosure agreement with the owner during the pre-foreclosure period or through a winning bid at the public auction. Foreclosing lenders are often motivated to sell bank-owned properties (also known as REOs) quickly because they are non-performing assets.
A Bank-owned property is in the final stage of the foreclosure process. Ownership has reverted to the lender.