U.S. commercial foreclosures increased 48% in June from last year

U.S. commercial foreclosures increased 48% in June from last year 0 dbarista Mon, 07/22/2024 - 14:00 Office Buildings The commercial building sector continues to be under financial pressure as foreclosures nationwide increased 48% in June compared to June 2023, according to ATTOM, a real estate data analysis firm. Peter Fabris, Contributing Editor California had the highest number of commercial foreclosures last month Office Buildings Headquarters Contractors Designers Designers / Specifiers / Landscape Architects Engineers Facility Managers Architects Building Owners Codes and Standards Industry Research Market Data The commercial building sector continues to be under financial pressure as foreclosures nationwide increased 48% in June compared to June 2023, according to ATTOM, a real estate data analysis firm.Commercial foreclosures decreased month over month by 14%, but the 647 foreclosures in June reflect a 219% increase compared to the recent low mark of 141 in May 2020. California had the highest number of commercial foreclosures in June, at 214. This was a 10% decrease from May 2024, but a 289% increase from last June.Texas, New York, New Jersey, and Florida, following California, recorded the highest numbers of commercial foreclosures in June. While these states experienced decreases this quarter, they have exhibited significant fluctuations over the past decade. Each state is showing a continuous overall increase in foreclosures.  Texas had a total of 70 commercial foreclosures in June 2024, a 1% decrease from last month and a 100% increase from a year ago. New York saw an 8% percent decrease from last month and a 21% decrease from last year. New Jersey saw a 35% decrease from last month and a 34% increase from last year. Florida saw a 45% decrease from last month and a 10% increase from last year.