United States Commercial real estate foreclosures jumped 117% in March as trouble looms

[DarthOne]

Commercial real estate foreclosures jumped 117% in March as trouble looms

Commercial real estate foreclosures jumped 117% in March as trouble looms

A new report from ATTOM shows there were 625 U.S. commercial real estate foreclosures in March, a stunning 117% increase from the same time last year.

www.foxbusiness.com

The commercial real estate market is starting to buckle under the weight of higher interest rates and remote work.

There were 625 commercial real estate foreclosures in March, up 6% from February and 117% from the same time last year, according to a new report published by real estate data provider ATTOM.

The figure is calculated based on commercial properties with at least one foreclosure filing — including default notices, scheduled auctions and bank repossessions — entered into the ATTOM Data Warehouse during the month.

California had the highest number of commercial foreclosures in March, with 187 properties. While that marked an 8% decrease from the previous month, it is a stunning 405% jump from the previous year.

"California began experiencing a notable rise in commercial foreclosures in November 2023, surpassing 100 cases and continuing to escalate thereafter," the report said.

New York, Florida, Texas and New Jersey also saw notable increases in commercial foreclosures last month.

Foreclosures have steadily risen since May 2020, when they hit a record low of just 141 properties. At that time, the U.S. economy was still in the throes of the COVID-19 pandemic, and many lenders offered commercial loan forbearance to borrowers to help them stay afloat.

However, those agreements have largely expired and now, the commercial real estate market is struggling with a number of challenges, including higher interest rates and waning demand for office space as more companies allow employees to work from home.

Half a league, half a league,
Half a league onward,
All in the valley of Death
Rode the six hundred.
"Forward, the Light Brigade!
Charge for the guns!" he said:
Into the valley of Death
Rode the six hundred.

"Forward, the Light Brigade!"
Was there a man dismay'd?
Not tho' the soldier knew
Some one had blunder'd:
Theirs not to make reply,
Theirs not to reason why,
Theirs but to do and die:
Into the valley of Death
Rode the six hundred.

 

[The Whispering Monk]

Auto repossessions are way up as well.

 

[Buba]

Clickbait. The text IMO strongly suggests that III.2023 was a month with abnormaly low number of foreclosures.