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Another Biden success, Commercial real estate foreclosures jumped 117% in March
Posted on 4/19/24 at 8:46 am
Posted on 4/19/24 at 8:46 am
LINK
quote:
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.
10
Posted on 4/19/24 at 8:49 am to WPBTiger
This is a real issue thats gonna hurt
Posted on 4/19/24 at 9:02 am to WPBTiger
In Texas, the cranes are everywhere putting up new commercial and office buildings.
Yet DFW, Houston and Austin have oceans of unused space (some of the highest rates in the country). Companies are cash rich and need to spend it.
Yet DFW, Houston and Austin have oceans of unused space (some of the highest rates in the country). Companies are cash rich and need to spend it.
Posted on 4/19/24 at 9:06 am to TejasHorn
It is an issue, but unless gas prices go up or grocery prices (even more) then the street public seems largely unaware of anything like this.
Posted on 4/19/24 at 9:07 am to SDVTiger
quote:
This is a real issue thats gonna hurt
It's going to be bad
It's a combination of bad business model and paradigm changes (WFH). Add in an unexpected market pressure (higher interest rates) and everything blows up.
Posted on 4/19/24 at 9:07 am to wareagle7298
quote:
the street public seems largely unaware of anything like this.
When their banks go under they'll care
Posted on 4/19/24 at 9:14 am to SlowFlowPro
Then.....bailing out their bank will be a good thing.
You really can't hang this on Biden in any sense since the WFH model was gaining a lot of traction before Covid. Covid just put it on steroids. If you are going to do the politician blame game then you would HAVE to give Trump equal billing....I don't hold either of them to this.
You really can't hang this on Biden in any sense since the WFH model was gaining a lot of traction before Covid. Covid just put it on steroids. If you are going to do the politician blame game then you would HAVE to give Trump equal billing....I don't hold either of them to this.
Posted on 4/19/24 at 9:16 am to WPBTiger
quote:
California had the highest number of commercial foreclosures in March, with 187 properties
That is a significant number in multiple senses.
Posted on 4/19/24 at 9:16 am to KiwiHead
quote:
You really can't hang this on Biden in any sense
The higher interest rates are a direct response to Biden's inflationary policies starting with energy - FACT.
Posted on 4/19/24 at 9:18 am to KiwiHead
A significant amount of this is happening because of state and local policies in addition to federal ones.
Cali’s issues are through the roof between out of control theft at retail and having entire areas choked out with aggressive homeless camps.
Some major hotels in SF defaulted because the areas around them got so bad that they couldn’t get the business needed to keep the doors open.
Cali’s issues are through the roof between out of control theft at retail and having entire areas choked out with aggressive homeless camps.
Some major hotels in SF defaulted because the areas around them got so bad that they couldn’t get the business needed to keep the doors open.
Posted on 4/19/24 at 9:19 am to WPBTiger
Reading your link, you buried the lede: Almost 1/3 of the commercial real estate foreclosures nationwide occurred in just ONE state...California.
Companies are saying "Adios, motherfricker!" to Cali.
Companies are saying "Adios, motherfricker!" to Cali.
Posted on 4/19/24 at 9:20 am to TejasHorn
I don't understand the crazy amount of new construction either- especially with the down town crime and the worsening traffic in the suburbs.
I moved to Frisco in 2010 when it was littered with empty new office/ commercial buildings, and I can't help but think that will return soon
I moved to Frisco in 2010 when it was littered with empty new office/ commercial buildings, and I can't help but think that will return soon
Posted on 4/19/24 at 9:30 am to WPBTiger
Energy Centre in New Orleans just went into receivership.
More Hertz dominos will probably fall as well...
Should be interesting...
More Hertz dominos will probably fall as well...
Should be interesting...
Posted on 4/19/24 at 9:32 am to KiwiHead
quote:
You really can't hang this on Biden in any sense
You're correct
It's not really partisan
Posted on 4/19/24 at 9:32 am to SlowFlowPro
quote:
It's going to be bad
I hope they can figure out a solution or its gonna spiderweb out like 08
But theres gonna be some serious deals to be made
Blackrock is gonna eat
Posted on 4/19/24 at 9:33 am to roadkill
quote:
The higher interest rates are a direct response to Biden's inflationary policies
And Trump's
Posted on 4/19/24 at 9:35 am to SDVTiger
quote:
But theres gonna be some serious deals to be made
I just don't understand what you can do with these properties unless rent comes down significantly to make office space more appealing
Posted on 4/19/24 at 9:38 am to SlowFlowPro
quote:
I just don't understand what you can do with these properties
Turning them into apartments with subsidized housing is my guess
Posted on 4/19/24 at 9:41 am to SDVTiger
quote:
Turning them into apartments with subsidized housing is my guess
Every time I see this in action the cost to convert is higher than the cost to build new which is always the problem. We just had that with a local property here that's going to be torn down instead.
My office that I use is a split retail residential and to get around this the residential offerings are the entire floor. It was the only way to get around it because it's converting the plumbing to a normal residence would have been too expensive.
Posted on 4/19/24 at 9:43 am to WPBTiger
quote:
There were 625 commercial real estate foreclosures in March
I opened a real estate agency website recently - never saw foreclosures/bankruptcies listed on one.
I was amazed at the number of homes in my neighborhood.
https://www.mls.com
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