A new data report from ATTOM is highlighting a spike in commercial foreclosures over the last four years, from a low of 141 in May 2020 to the current figure of 635 in January.
ATTOM noted May 2020 marked a significant low in commercial foreclosures due to the impacts of the Covid-19 pandemic and the foreclosure moratoriums and financial aid introduced to stem the chaos created by the health crisis. But last month’s foreclosure figure was seen as representative of the post-pandemic shifts in the greater economy, which in turn impacted commercial real estate.
California led the states with commercial real estate foreclosures, recording 181 in January – a 72% increase from the previous month and a 174% upswing from one year earlier. New York had a total of 59 commercial foreclosures in January, a 12% decrease from the previous month and a 12% decrease one year earlier. Texas saw a 17% increase from the previous month and a 143% increase over the past year.
“This uptick signifies not just a return to pre-pandemic activity levels but also underscores the ongoing adjustments within the commercial real estate sector as it navigates through a landscape transformed by evolving business practices and consumer behaviors,” said Rob Barber, CEO at ATTOM.
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What was NY’s full % of increase in foreclosures from 2020 through 2024? You just mentione a decrease in one year time frame.