Commercial foreclosures decreased 14% in June compared with May but were up 48% compared with June 2023, according to ATTOM.
States with the highest rates of commercial foreclosures in June included California, Texas, and New York.
ATTOM’s historical data show that commercial foreclosures hit a peak in June 2014 at 889, then dipped down to 141 by May 2020, but then surged again, reaching to a total of 647 in June 2024.
The firm notes that through the COVID-19 pandemic and evolving economic policies, the commercial market has demonstrated remarkable adaptability. Initial pandemic-related foreclosures were followed by a stabilization as businesses adjusted to new realities.
In June 2020, the U.S. observed the onset of a consistent upward trend in commercial foreclosures following an almost seven-year phase of continuous declines.
That month marked the first rise, from the notable low of 141 in May 2020, that persisted with steady increases through June 2024.
By June 2024, commercial foreclosures had increased to 647, reflecting a 219% year-over-year increase compared to the 2020 low.
California had the highest number of commercial foreclosures in June, at 214. That’s down 10% compared with May but up 289% compared with June 2023.
This marks California’s first monthly decline following a notable rise in commercial foreclosures over the past seven months, which began in November 2023. During this period, cases exceeded 100 and continued to escalate.
Texas, New York, New Jersey, and Florida also recorded high numbers of commercial foreclosures in June. While these states experienced decreases this quarter, they exhibited significant fluctuations over the past decade, with each state showing a continuous overall increase.
Texas had a total of 70 commercial foreclosures in June, a 1% decrease compared with May but up 100% from a year ago.
New York saw an 8% decrease in June compared with May and a 21% decrease from June of last year.
New Jersey saw a 35% decrease from the previous month and a 34% increase compared with June last year.
Finally, Florida saw a 45% decrease from the previous month but a 10% increase compared with June last year.
Photo: Abbe Sublett
