Commercial Foreclosures Up 117% Year Over Year The number of commercial foreclosures in the U.S. has steadily increased, from a low of 141 in May 2020 to 625 in March 2024, according to an updated report from ATTOM.That represents a 6% increase from the prior month and a 117% increase from last year. The real estate data tracking firm also noted that California, New York, and Florida were the states with the most foreclosures.New York had a total of 61 commercial foreclosures in March 2024, a 5% increase from the prior month and a 65% increase from a year ago. Florida saw increases of 30% and 107%, respectively. Texas saw increases of 31% and 129%, and New Jersey saw increases of 31% and 133%.Foreclosure filings on commercial real estate property in California in January 2024 were triple the number of foreclosures in January 2023, according to ATTOM data. Banks in California have a great deal of exposure to commercial real estate with 31% of Golden State bank portfolios carrying three times larger loans than capital.The recent increase in foreclosures follows a multi-year low of just 141 in May 2020, reflecting the immediate impacts of the pandemic and swift response measures like moratoriums and financial aid for owners.“Despite challenges like the COVID-19 pandemic and evolving economic policies, the market demonstrated remarkable adaptability,” ATTOM reported. “Initial pandemic-related foreclosures were followed by a stabilization as businesses adjusted to new realities.”