Commercial Foreclosures Reflect Persistent Economic Challenges
California endured the nation’s highest level of foreclosures in September.
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 pre-pandemic level, 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% higher in August and 238% more than the previous September. New York saw 92 foreclosures, 59% increase in August and 48% more than the prior year.
Other states significantly affected included Florida with 70 foreclosures, a 21% increase from August and 48% higher than September 2023, and Pennsylvania, where the number jumped 129% from August to September and 33% year-over-year to reach 32. In Texas, there were 45 foreclosures – 15% more than in August but 13% fewer than the previous year.
The data is based on the total number of commercial properties with at least one foreclosure filing in ATTOM’s database and includes all three phases of the legal process: default, auction, and real estate owned.