There were 695 commercial foreclosures nationwide in September 2024, according to a new report from ATTOM.

While this is an improvement from the 752 foreclosures recorded in May, it still represents an elevated level of risk that is considerably higher than the level pre-pandemic, as well as ongoing financial challenges like rising interest rates, inflation, and shifts in demand for commercial spaces, the report commented.

California endured the nation's highest level of foreclosures in September. Lenders initiated proceedings against 264 assets, 12% more than in August and 238% more than the previous September. New York saw 92 foreclosures, 59% more than in August and 48% more than the prior year.