Real estate data
specialist Attom counted 625 commercial foreclosures across the country last month, a monthly
increase of 6% in an annual increase of 117%.
Foreclosures have
climbed steadily since the pandemic began rising from 141 in May of 2020.
California had
the most foreclosures in March at 187, a 405% increase from a year earlier.
Texas saw 129% increase from March of 2023, while Florida experienced an uptick
of 174% over last year.
Delinquency rates
for mortgages backed by commercial properties were the same during the first
quarter as quarter three with 3.2 percents of loans more than 30 days late.
Office properties
remain the most common for delinquencies and foreclosures. The delinquency rate
for office based commercial loans increased to 6.8% in the first quarter while
hospitality back properties ticked up to 6.3% delinquent real tailback loans
dropped from 5% to 4.7%.
Weitz Take: If you read this blog, you know this is something I've expected for some time. Let's see how the trends are moving forward, but I would predict more rather than the less in the immediate to intermediate future. I tell my investors to stay nimble and get ready for deals.
For more information on Snohomish County Commercial Real Estate, consider contacting a Snohomish County Commercial Real Estate Broker.
Our Firm:
Weitz Commercial
Scott@Weitzcommercial.com
T: 206.306.4034
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