Richard Berger
April 18, 2024, 4 AM
ATTOM's March report also showed a 6% increase from the previous month.
According to ATTOM's latest report, the number of commercial residential foreclosures in the U.S. has steadily increased from a low of 141 in May 2020 to 625 in March 2024.
That's a 6% increase from the previous month and a 117% increase from last year. The real estate data tracker also noted that California, New York and Florida were the states with the highest number of foreclosures.
New York saw a total of 61 commercial residential foreclosures in March 2024, up 5% from the previous month and up 65% from a year ago. Florida saw increases of 30% and 107%, respectively, Texas saw increases of 31% and 129%, and New Jersey saw increases of 31% and 133%.
According to ATTOM data, the number of foreclosure filings on commercial real estate properties in California in January 2024 was three times the number of foreclosures in January 2023. California banks have significant exposure to commercial real estate, with 31% of Golden State Bank's portfolio having three times more loans than it has capital.
The recent increase in foreclosures follows a multi-year low of just 141 in May 2020, and reflects the direct impact of the pandemic and swift response measures, including foreclosure moratoriums and financial assistance to owners.
“Despite challenges such as the COVID-19 pandemic and changing economic policies, the market has shown remarkable adaptability,” ATTOM reports, “There were initial pandemic-related foreclosures but then stabilization as businesses adapted to the new reality.”