What is a foreclosure report?

Came across a FORECLOSURE REPORT on the Internet and got curious about how it happens in the US, in my country we don’t have that mechanism yet… Would be grateful if someone could explain.
It has notice of default (#), property address (Hailey), sale date and time(n/a), loan amount ($ 1,500,000), principle balance ($ 150,000) and original deed of trust (#).
The question is – what does this report mean? Does it mean the people did not pay the debt or is it just a current update on their status? Also, what does PRINCIPLE balance mean? Is it how much they paid?
The question is – does this foreclosure report mean the people listed will lose their homes that they obviously were loaned money for, or is it just an update to let them know how much they still owe? What’s the purpose of this report, as it contains a lot of names and is available online for anyne to see?

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