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Commercial Foreclosures Up Nearly 8% YTD from 2023 Levels
Commercial property foreclosures in 2024 totaled 705 through February, Trepp reported, citing data from ATTOM. That’s an increase of nearly 8% from the 655 foreclosures in the year-ago period.
ATTOM recorded 4,968 foreclosures in 2023, up 46% from 2022, when 3,394 foreclosures were recorded. Over the nine years since 2014, a total of 50,607 foreclosures have taken place. Data on the size of the loans involved and their total balance aren’t available for individual properties.
“Foreclosures totaled 8,809 in 2014 and started declining in number every year after that,” Trepp reported. “In 2019, fewer than half that number – 4,010 properties – were taken through foreclosure. That coincides with interest-rate trends.”
Following the pandemic in 2020, which saw foreclosure volume drop to 2,904, likely due to COVID-related lockdowns, foreclosures have been increasing each year, according to Trepp.
- ◦Financing
