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U.S. Commercial Foreclosures Rise Sharply in March 2024

U.S. Commercial Foreclosures Rise Sharply in March 2024

Apr 22, 2024

U.S. Commercial Foreclosures Rise Sharply in March 2024

In a recent report released by ATTOM on April 17, 2024, data on U.S. commercial foreclosures indicates a significant increase both monthly and annually. The report showed that commercial foreclosures have risen by 6 percent from last month and a staggering 117 percent from the previous year, with a current figure of 625 in March 2024. This marks a steady climb from a low of 141 in May 2020 during the height of the COVID lockdowns.

Historically, the nation saw commercial foreclosures peak in October 2014 with 889 cases, after which the numbers fluctuated over the years. The pandemic initially caused foreclosures to plummet, but the market has since shown a strong recovery, leading to the current rise.

California experienced the highest number of commercial foreclosures in March 2024 with 187, despite an 8 percent decrease from the previous month. However, this number represents a significant 405 percent increase from the same period last year. New York followed with 61 commercial foreclosures, marking a 5 percent increase from last month and a 65 percent increase from last year. Florida, Texas, and New Jersey also reported considerable increases in foreclosure activity, with year-over-year rises of 107 percent, 129 percent, and 133 percent, respectively.

The methodology behind ATTOM's report involves comprehensive data collection across all three phases of foreclosure: Default (Notice of Default and Lis Pendens), Auction (Notice of Trustee Sale and Notice of Foreclosure Sale), and Real Estate Owned properties (REO).

The recent report on commercial foreclosures underscores potential challenges in the commercial property market and highlights areas with particularly high foreclosure activity. As of now, the report suggests a possible trend of increasing foreclosures that could have implications for the commercial real estate market and the wider economy.

ATTOM Report


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