Commercial property foreclosure filings in Texas more than doubled last year.
There were 463 commercial residential foreclosure filings in Texas in the 12 months ending in January, according to the latest report from Atom Data Solutions.
Texas ranked third in the nation for commercial property foreclosure filings last month with 56, and the number of properties warned of foreclosure by lenders in January increased 143% from a year ago.
Nationwide, commercial property foreclosure filings increased by 97%.
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“This increase not only marks a return to pre-pandemic activity levels, but also highlights the ongoing adjustments within the commercial real estate sector as it navigates a changed environment driven by evolving business practices and consumer behavior,” Atom Data CEO Rob Barber said in a statement.
California, New York and Texas led the nation in commercial real estate foreclosure listings in January, according to Atom Data.
Commercial property foreclosure filings in Texas are at their highest level Atom Data has tracked in the past decade.
Texas commercial property foreclosure filings hit their lowest level in 2018, with just 120 properties threatened with forced sales by lenders.
Commercial foreclosure listings in Texas began to rise during the pandemic, hitting an all-time high in January.
Rising interest rates and tougher lending standards are leading to growing defaults on mortgage payments for commercial property, including office buildings and apartments.
Billions of dollars in loans for commercial real estate in Texas come due this year.
Several prominent Dallas-area commercial properties have recently faced foreclosure, including the Gabriella, a 14-story apartment high-rise east of downtown, and Uptown Tower, a 12-story office building on the North Central Expressway.
Lenders foreclosed on a landmark downtown office building last month. The nine-story Princeton Offices and the eight-story One Hanover Park in Addison were also foreclosed on by lenders late last year.