When users home folders are redirected to a network share. In that circumstance it is also possible that the user's home directory might be HOMESHARE\HOMEPATH instead of HOMEDRIVE\HOMEPATH. This will be the case if the network share isn't mapped to a drive letter. Really HOMESHARE should be checked for and only if it doesn't exist HOMEDRIVE used. I should have pointed that out in my original comment but it was made pre-coffee.

Folder redirection is used often in conjunction with remote desktop services, virtual desktops or just to centralize file storage for ease of backup.