Commercial foreclosures increase 97% from last year to near decade-high

[Ptarmigan]

Commercial foreclosures increase 97% from last year to near decade-high
https://justthenews.com/nation/economy/commercial-foreclosures-increase-97-last-year-near-decade-high

Commercial real estate foreclosures in the U.S. increased 97% in January 2024 compared to last year, reaching a high that has not been seen in nearly a decade, according to new data.

With 635 commercial foreclosures in January 2024, foreclosures increased 17% from December 2023 and 97% from January 2023, according to a report last week from property data analyst ATTOM.

The last time that commercial foreclosures were this high was in May 2015, per agency data

"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," ATTOM CEO Rob Barber said.

Commercial real estate foreclosure is highest since 2015.

Here is the data source.
https://www.attomdata.com/news/most-recent/u-s-commercial-foreclosures-increase-in-january-2024/

[Old n Grumpy]

With stores closing and offices, emptying and people refusing to go to crime ridden areas, infested with homeless to work or shop. It’s a given at the commercial real estate market will collapse.