MIAMI—After a decline in commercial real estate foreclosures in February, South Florida activity spiked in March, according to data provided by Off-Market RADAR.

In total, 39 CRE foreclosures above $250,000 were filed in Miami-Dade and Broward counties in March and April. March saw the highest amount of activity with 24 filings, compared to only 17 in February. The April figure dropped again with 15 reported foreclosures.

Although April’s decline sounds positive on the surface, further analysis of the types of foreclosures filed may warrant concern among investors, according to Off-Market RADAR analysis. Of the 17 February filings, Off-Market RADAR tracked only three above $2 million. Meanwhile, in March seven foreclosures above $2 million were filed, and then again in April, seven foreclosures were tracked.