“Despite challenges such as the COVID-19 pandemic and changing economic policies, the market has demonstrated remarkable adaptability,” ATTOM wrote in the report, “There were initial pandemic-related foreclosures but then stabilization as businesses adapted to the new reality.”
California led the nation in commercial residential foreclosures in June 2024, totaling 214. This is a 10% decrease from the previous month, but a significant increase of 289% from the same month last year. This decrease marks the state's first monthly decrease after seven months of increasing foreclosures, when the number of foreclosures surpassed 100 in November 2023 and continued to increase thereafter.
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Other states with high commercial residential foreclosures in June 2024 include Texas, New York, New Jersey and Florida. Though there were slight declines this quarter, these states have seen significant fluctuations over the past decade and continued increases in foreclosures overall.
Texas: Down 1% m/m, Up 100% y/y. New York: Down 8% m/m, Down 21% y/y. New Jersey: Down 35% m/m, Up 34% y/y. Florida: Down 45% m/m, Up 10% y/y.
ATTOM's Commercial Foreclosure Report compiles data on properties with at least one foreclosure filing each month. The report includes documents filed during all three phases of foreclosure: default (notice of default and pending), auction (trustee sale notice and foreclosure sale notice), and owned property (property foreclosed and repurchased by the bank).