These States Saw a Spike in Commercial Foreclosures
California saw a 405% year-over-year increase and Connecticut experienced a 500% surge.
Foreclosures on commercial properties in the U.S. reached a peak of 625 in March 2024, up 117% year over year, thus continuing an upward trend that began soon after foreclosures dipped to their lowest point in a decade in May 2020.
With the exception of Ohio, commercial foreclosures in March this year were significantly higher than at the same point in 2023 in 10 states analyzed by ATTOM.
The discrepancy was highest in California, which saw a 405% year-over-year spike from 37 in March 2023 to 187 this year. The March 2024 figure was a slight improvement over the previous month, showing an 8% drop.
Though the numbers were far smaller, the 500% increase in foreclosures in Connecticut from three last year to 18 this year was also notable.
Four states saw the number of commercial foreclosures more than double from 2023 to 2024. In Georgia, they rose 163% from eight to 21, in New Jersey 133% from 18 to 42, in Texas 129% from 24 to 55, and in Florida 107% from 29 to 60. In Texas and New Jersey, there was a 31% leap in foreclosures from February to March 2024, and in Florida a 30% jump.
Foreclosures also rose year over year in New York, up 65% from 37 to 61, Pennsylvania, up 35% from 20 to 27, and in Illinois, up 31% from 13 to 17.
The sole exception to the rising trend among the 10 states was Ohio, where the number of foreclosures dropped 34% from 29 in March 2023 to 19 in March 2024.