Although I am still a novice in the domain industry, I have learned a lot. The majority of domains are owned by people, but when they fail to renew them in a timely manner, someone else takes over.
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Considering the fact that I don't have any domain of my own at the moment but I have seen instance such a way that the owner of a specific domain forgets to renew his domain.Personally I have not been an expert yet in domain business but I have learned alot. Most of the domain are people owns domain but it get expired and the person may not renew it in time and someone takes over.
i had an issue when trying to renew my website, as my card provider stopped offering the service for international payment and i was stranded and could not renew till i had to switch to another service provider.Irun a lot of sites and there have been times where I just forget to renew. Most sites I renew when needed, but there are times where a couple of my less used sites need to be renewed. But usually I just sell those sites/domains when I don't see them as worthwhile anymore.