A total of 695 commercial foreclosures were recorded in September, with California leading the nation in this unwelcome activity.
According to new data from ATTOM, last month’s commercial foreclosure figure is down from the peak of 752 recorded in May. ATTOM attributed the current figure to “ongoing financial challenges in the commercial real estate market, with factors such as rising interest rates, inflation, and shifts in demand for commercial spaces contributing to the increase.”
California topped the states in this happening with 264 commercial foreclosures, reflecting a 12% increase from the previous month and a 238% spike from September 2023. New York followed with 92 foreclosures, marking a 59% rise month-over-month and a 48% increase year-over-year, followed by Florida with 70 commercial foreclosures, up 21% from the previous month and 49% higher than a year ago.
Rounding out the top five states were Texas with 45 foreclosures, a 15% increase from the previous month and a 13% decline compared to last year, and Pennsylvania with 32 foreclosures, a 129% upswing from August and a 33% rise from September 2023.
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