According to ATTOM’s newly released U.S. Commercial Foreclosure Report, there is a persistent uptrend in commercial foreclosures over the years, starting from a minimum of 141 in May 2020 and reaching 625 in March 2024. This signifies a consistent rise over the entire period.
ATTOM’s latest commercial foreclosure activity analysis also noted that since January 2014, ATTOM has analyzed data spanning a period of economic recovery, noting 740 commercial foreclosures nationwide. Fluctuations were observed, with a peak of 889 in October 2014, indicating ongoing market adjustments. Despite challenges such as the COVID-19 pandemic, the market displayed adaptability, stabilizing after initial disruptions. In May 2020, commercial foreclosures hit a low of 141, reflecting immediate pandemic impacts and swift response measures. By March 2024, they had risen to 625, marking a 117% year-over-year increase, compared to the 2020 low.
The report found that in March 2024, California recorded the highest monthly count of commercial foreclosures, totaling 187. While this represented an 8% decline from the previous month, it marked a 405% surge compared to the same period last year. The uptick in commercial foreclosures in California commenced in November 2023, surpassing 100 cases, and persisting in its upward trajectory thereafter.
The report also noted that over the decade, New York, Florida, Texas, and New Jersey exhibited significant fluctuations, consistently trending upwards. In March 2024, New York witnessed a total of 61 commercial foreclosures, marking a 5% uptick from the previous month and a substantial 65% increase from the preceding year. Following suit, Florida experienced a notable 30% month-over-month increase and a 107% year-over-year rise. Similarly, Texas observed a 31% month-over-month uptick and a notable 129% increase compared to the previous year. Finally, New Jersey recorded a 31% increase from the previous month and a 133% surge from the same period last year.
In this post, we take a more granular look by diving deep into the data behind ATTOM’s March 2024 commercial foreclosure report to uncover the top 10 U.S. states with the highest number of commercial foreclosures in March 2024:
#1 – California
- March 2024 Commercial Foreclosures: 187
- March 2023 Commercial Foreclosures: 37
- YoY % Change: 405%
#2 – New York
- March 2024 Commercial Foreclosures: 61
- March 2023 Commercial Foreclosures: 37
- YoY % Change: 65%
#3 – Florida
- March 2024 Commercial Foreclosures: 60
- March 2023 Commercial Foreclosures: 29
- YoY % Change: 107%
#4 – Texas
- March 2024 Commercial Foreclosures: 55
- March 2023 Commercial Foreclosures: 24
- YoY % Change: 129%
#5 – New Jersey
- March 2024 Commercial Foreclosures: 42
- March 2023 Commercial Foreclosures: 18
- YoY % Change: 133%
#6 – Pennsylvania
- March 2024 Commercial Foreclosures: 27
- March 2023 Commercial Foreclosures: 20
- YoY % Change: 35%
#7 – Georgia
- March 2024 Commercial Foreclosures: 21
- March 2023 Commercial Foreclosures: 8
- YoY % Change: 163%
#8 – Ohio
- March 2024 Commercial Foreclosures: 19
- March 2023 Commercial Foreclosures: 29
- YoY % Change: -34%
#9 – Connecticut
- March 2024 Commercial Foreclosures: 18
- March 2023 Commercial Foreclosures: 3
- YoY % Change: 500%
#10 – Illinois
- March 2024 Commercial Foreclosures: 17
- March 2023 Commercial Foreclosures: 13
- YoY % Change: 31%
Want to learn more about how commercial foreclosure activity is faring in your state? Contact us to find out how!
