Hand held fire extinguishers, which are commonly sold at hardware stores for use in the kitchen or garage, are pressurized with nitrogen or carbon dioxide (co2) to propel stream of fire-squelching agent to the fire.
By international agreement, however, production of all types of halons was stopped in 1994 because the bromine and chlorine atoms in the chemical were found in migrate over time to the stratosphere.
When the fire extinguisher is sprayed on the fire, the chemicals in the fire extinguisher stop the oxygen from entering the fire, and that's how the fire goes out.
The average response time for the fire department is 10 minuets, so by the time they arrive, many valuable things could be gone, or some one could even die from inhaling the smoke or burning to death.