This year, experts have noticed that the real estate market has been witnessing an increase in foreclosure activities across the country, including a remarkable shift in commercial foreclosures. As I have been reading through ATTOM's recent data, I want to share how these developments are shaping the market's landscape.

As of January of this year, ATTOM's data shows that there has been a 5% year-over-year increase in foreclosure filings across the United States, marking a 10% rise from late 2023. This increase is due to a mix of legal work that has been done since the holidays and bigger economic reasons like rising interest rates and inflation. marking a cautious and important time for the market. In states such as Michigan, Minnesota, and California, those saw significant increases in completed foreclosures REOs, indicating impacts on these areas.

Starting with the commercial real estate foreclosures. The commercial real estate sector is experiencing a sharp rise in foreclosures, with an almost 97% year-over-year increase by January. This highlights that the sector is ongoing adjustments to post-COVID realities and shifting economic policies. This is being led by states like CA, NY, and TX which shows how strong the market is and how its problems are always shifting.

Syracuse, NY, would be a great example of market shifting. Even though there have been more foreclosures across the country, yet the houysing market in Syracuse is still very competitive. Whereas homes are selling rapidly, indicating a strong demand and a vibrant market. The median sale price in Syracuse is still lower than the national rate, which makes the market even more competitive. The housing market in Syracuse is also expected to keep growing, with both property values and sales activity likely to go up.

There is a lot of challenges and chances in the current situation, which includes more foreclosures and a competitive housing market in places like Syracuse. For investors, the rise in foreclosures means that there are more chances to buy properties at prices below what they're worth. In the meantime, people who want to buy a home in markets like Syracuse can take advantage of the low prices and strong competition. However, they need to act quickly because these markets move so quickly.

https://www.noradarealestate.com/blog/syracuse-real-estate-m...

https://www.attomdata.com/news/foreclosure-trends/u-s-forecl...

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