Commercial real estate foreclosures jump 117% in March as problems loom | louder.news

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

There were 625 commercial foreclosures in March, up 6% from February and up 117% from the same time last year, according to a new report released 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 this marked an 8% decrease from the previous month, it is a staggering 405% jump from the previous year.