Commercial real estate foreclosures increased 6 percent from the previous month and 117 percent from last year. The states with the highest number of commercial real estate foreclosures in March 2024 were California, New York and Florida.
IRVINE, CA — April 17, 2024 — ATTOM, a leading curator of land, real estate and real estate data, today released its latest monthly report on commercial foreclosures in the U.S. The report shows a continued increase in commercial foreclosures over the years, from a low of 141 in May 2020 to a current figure of 625 in March 2024, indicating a steady increase throughout this period.
Summary of past commercial foreclosures
Since January 2014, ATTOM has analyzed data from a period marked by economic uncertainty, when commercial property foreclosures nationwide reached 740. In the years that followed, ATTOM monitored fluctuations, with commercial property foreclosures peaking at 889 in October 2014, signaling a continuing market correction.
But it hasn't always been upbeat. Despite challenges such as the COVID-19 pandemic and shifts in economic policy, the market has shown remarkable adaptability. After initial pandemic-related foreclosures, stabilization has progressed as businesses adjusted to the new reality.
In May 2020, the U.S. saw a significant drop in commercial residential foreclosures to 141, reflecting the direct impact of the pandemic and swift response measures such as moratoria and financial assistance. By March 2024, commercial residential foreclosures had increased to 625, a 117% year-over-year increase compared to the 2020 low.
Review of commercial foreclosures by state
In March 2024, California recorded a monthly record high of 187 commercial residential foreclosures, down 8% from the previous month but up 405% from last year. California began to see a noticeable increase in commercial residential foreclosures in November 2023, exceeding 100 cases and continuing to increase since then.
New York, Florida, Texas, and New Jersey also saw large fluctuations over the past decade, with each state seeing a continued increase. New York saw a total of 61 commercial residential foreclosures in March 2024, up 5% from the previous month and up 65% from the previous year. Florida followed with a 30% increase from the previous month and a 107% increase from the previous year. Texas saw a 31% increase from the previous month and a 129% increase from the previous year. Finally, New Jersey saw a 31% increase from the previous month and a 133% increase from the previous year.
Report Methodology
ATTOM's U.S. Commercial Foreclosure Report shows the total number of commercial properties that had at least one foreclosure filing registered in the ATTOM data warehouse during the month. ATTOM's report incorporates documents filed in all three phases of foreclosure: defaults – Notice of Default (NOD) and Lis Pendens (LIS), auctions – Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS), and real estate owned (REO) properties (properties foreclosed and repurchased by the bank).
About ATTOM
ATTOM delivers premium property data to power products that improve transparency, innovation, efficiency, and disruption in a data-driven economy. ATTOM collects multi-source property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for over 155 million residential and commercial properties covering 99% of the U.S. population. A rigorous data management process involving over 20 steps validates, standardizes, and enriches real estate data collected by ATTOM, and assigns a persistent unique ID (ATTOM ID) to each property record. The 30 TB ATTOM data warehouse drives innovation across many industries, including mortgage, real estate, insurance, marketing, and government, through flexible data delivery solutions including ATTOM Cloud, bulk file licensing, property data APIs, real estate market trends, property navigator, and more. ATTOM also introduces AI-enabled solutions, the latest innovative solutions that make property data more accessible and optimized for AI applications.
Media Contact:
Megan Hunt
MeganHunt@attomdata.com
Data and Reporting License:
949.502.8313
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About the Author The ATTOM Team ATTOM Data Solutions is a one-stop shop for premium property data with flexible delivery solutions. Our mission is to increase real estate transparency and drive innovation across industries with the most comprehensive property data. We have built a multi-source national data warehouse that consolidates property tax, deed, mortgage, foreclosure, environmental risk, natural hazard and neighborhood data for over 155 million U.S. residential and commercial properties covering 99% of the U.S. population.
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