Texas CRE Foreclosures Continue to Rise

May 13, 2024 2:40 pm
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According to the latest findings from Attom Data Solutions, commercial foreclosures across the state jumped by 129 percent year over year and 31 percent between February.

March 2024 saw 55 commercial foreclosures. That’s compared to 24 in March 2023.

The March sum was the fourth-highest in the country, behind California (187), New York (61) and Florida (60).

Higher interest rates and a tougher lending environment have been the primary catalysts behind the growing number of defaults. “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.

This year, reported foreclosure cases involve the iconic Oil & Gas Building in downtown Fort Worth, the Scanlan Building in downtown Houston and the office building at 211 North Ervay Street in downtown Dallas.

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