November 2024 U.S. Foreclosure Market Report, which shows there were a total of 29,390 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions – down 9 percent from a year ago, and down 5 percent from the prior month according to ATTOM,
U.S. Commercial Foreclosures Spike in September 2024 with Significant Year-Over-Year Increase
Florida's commercial real estate market, however is experiencing a significant increase in foreclosures, with 70 properties foreclosed in September 2024, up from 47 during the same period last year. The state has recorded 538 commercial foreclosures so far this year, according to data from Attom.
The surge marks a notable rise from the record lows seen in 2020, driven by multiple market pressures. Property owners face challenges from adjustable-rate mortgages with increasing payments and difficulties refinancing expiring low-rate loans in the current high-interest environment.
Developers are particularly affected, as elevated interest rates combined with high construction costs have complicated progress on development sites as land loan maturity dates approach.
This trend signals growing distress in Florida's commercial real estate sector as property owners navigate challenging market conditions.