Commercial Foreclosures Increased 6 Percent from Last Month and 117 Percent from Last Year; States with the Most Commercial Foreclosures in March 2024 Included California, New York and Florida
IRVINE, Calif. — April 17, 2024 — ATTOM, a leading curator of land, property, and real estate data, today released an updated monthly report on U.S. Commercial Foreclosures. The report reveals a continued increase in commercial foreclosures over the years, from a low of 141 in May 2020 to the current figure of 625 in March 2024. This represents a steady increase throughout the period.
Historical Commercial Foreclosure Overview
Since January 2014, ATTOM has been analyzing data, a period marked by the nation’s emergence from economic uncertainty, with commercial foreclosures numbering 740 nationwide. Over the following years, ATTOM monitored fluctuations, observing a peak in October 2014 with 889 commercial foreclosures, indicating ongoing market corrections.
Yet, the path wasn’t always upward. Despite challenges like the COVID-19 pandemic and evolving economic policies, the market demonstrated remarkable adaptability. Initial pandemic-related foreclosures were followed by a stabilization as businesses adjusted to new realities.
In May 2020, the U.S. saw a significant low in commercial foreclosures, hitting 141, reflecting the immediate impacts of the pandemic and swift response measures like moratoriums and financial aid. By March 2024, commercial foreclosures had risen to 625, a 117% year-over-year increase, compared to the 2020 low.
State-by-State Commercial Foreclosure Review
In March 2024, California had the highest number of commercial foreclosures for the month, at 187. This was an 8 percent decrease from last month but a 405 percent increase from last year. California began experiencing a notable rise in commercial foreclosures in November 2023, surpassing 100 cases and continuing to escalate thereafter.
New York, Florida, Texas and New Jersey also showed significant variance over the decade, with each state continually increasing. New York had a total of 61 commercial foreclosures in March 2024, a 5 percent increase from last month and a 65 percent increase from a year ago. Then came Florida which saw a 30 percent increase from last month and a 107 percent increase from last year. Texas saw a 31 percent increase from last month and a 129 percent increase from last year. Finally, New Jersey saw a 31 percent increase from last month and a 133 percent increase from last year.
Report Methodology
ATTOM’s U.S. Commercial Foreclosure Report provides a count of the total number of commercial properties with at least one foreclosure filing entered into the ATTOM Data Warehouse during the month. ATTOM’s report incorporates documents filed in all three phases of foreclosure: Default — Notice of Default (NOD) and Lis Pendens (LIS); Auction — Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank).
About ATTOM
ATTOM provides premium property data to power products that improve transparency, innovation, efficiency, and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation’s population. A rigorous data management process involving more than 20 steps validates, standardizes, and enhances the real estate data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 30TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include ATTOM Cloud, bulk file licenses, property data APIs, real estate market trends, property navigator and more. Also, introducing our newest innovative solution, making property data more readily accessible and optimized for AI applications– AI-Ready Solutions.
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Megan Hunt
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