Property data curator ATTOM released an updated monthly report on commercial foreclosures.
Numbers reveal a continued increase in commercial foreclosures over the years, from a low of 141 in May 2020 to the current figure of 625 in March 2024.
ATTOM has been analyzing data since January 2014, a period marked by the nation's emergence from economic uncertainty, with monthly commercial foreclosures numbering 740 nationwide at that time. Over the following years, ATTOM monitored fluctuations, observing a peak in October 2014 with 889 commercial foreclosures, indicating ongoing market corrections.
Yet, the path wasn't always upward. Despite challenges like the COVID-19 pandemic and evolving economic policies, the market demonstrated remarkable adaptability, ATTOM said. Initial pandemic-related foreclosures were followed by a stabilization as businesses adjusted to new realities.
In May 2020, the U.S. saw a significant low in commercial foreclosures, hitting 141, reflecting the immediate impacts of the pandemic and swift response measures like moratoriums and financial aid.
Commercial foreclosures jumped to 625 in March 2024, a 117 percent year-over-year jump, according to ATTOM.
In March 2024, California had the highest number of commercial foreclosures for the month, at 187. This was an 8 percent decrease from last month but a 405 percent increase from last year. California began experiencing a notable rise in commercial foreclosures in November 2023, surpassing 100 cases and continuing to escalate thereafter.
New York, Florida, Texas and New Jersey also showed significant variance over the decade, with each state continually increasing. New York had a total of 61 commercial foreclosures in March 2024, a 5 percent increase from last month and a 65 percent increase from a year ago. Then came Florida which saw a 30 percent increase from last month and a 107 percent increase from last year. Texas saw a 31 percent increase from last month and a 129 percent increase from last year. Finally, New Jersey saw a 31 percent increase from last month and a 133 percent increase from last year.