Commercial Real Estate Foreclosure Activity Tracker
194 commercial real estate foreclosure and REO situations.
Foreclosure is the most public and value-destructive exit a distressed owner can face. The owners who sell privately and principal-direct, before lis pendens becomes a public auction, keep control of timing, price, and confidentiality.
Foreclosure activity moves through stages: a lis pendens or notice of default, the foreclosure action or trustee sale itself, and then real-estate-owned disposition once the lender takes title. Each stage is a public record, and each one strips negotiating leverage from the owner and hands it to the lender.
By the time an asset reaches a public foreclosure auction, the outcome is usually a fire-sale price set by a thin pool of courthouse bidders. An owner who acts at the first sign of distress can instead run a confidential, principal-direct sale to a vetted network of institutional buyers, preserving value that a public process destroys.
The tracker below counts foreclosure-stage commercial real estate situations by stage, asset class, and quarter. A rising count is an early read on which asset classes and markets are producing motivated sellers ahead of the public record.
By stage
| Stage | Count |
|---|---|
| Foreclosure | 168 |
| REO disposition | 24 |
| Lis pendens | 2 |
By asset class
| Asset class | Count |
|---|---|
| Office | 68 |
| Mixed-Use | 56 |
| Multifamily | 33 |
| Hospitality | 18 |
| Retail | 14 |
| Industrial | 5 |
By quarter
| Quarter | Count |
|---|---|
| 2020-Q4 | 1 |
| 2023-Q2 | 1 |
| 2023-Q3 | 4 |
| 2023-Q4 | 5 |
| 2024-Q1 | 5 |
| 2024-Q2 | 4 |
| 2024-Q3 | 7 |
| 2024-Q4 | 6 |
| 2025-Q1 | 19 |
| 2025-Q2 | 12 |
| 2025-Q3 | 7 |
| 2025-Q4 | 13 |
| 2026-Q1 | 15 |
| 2026-Q2 | 92 |
Metros with the most activity
Methodology
Counts reflect tracked foreclosure-pipeline situations (lis pendens, active foreclosure, and real-estate-owned disposition) across commercial real estate asset classes. Quarterly figures show when each situation was first observed. Metro figures appear only where the count clears a small-cell floor.
Figures are aggregate counts of tracked distress catalyst signals, grouped by market, asset class, and quarter. No individual situation, owner, address, or loan is disclosed.
As of 2026-Q2. Snapshot generated 2026-06-25.