THOSE ARE ROOKIE NUMBERS. MAMDANI WILL REALLY GET THEM PUMPED UP: Commercial foreclosures on the rise in New York City.

Commercial foreclosures are up in New York City, according to a new report.

Through the third quarter, lenders have initiated foreclosures on 61 commercial properties in New York City, according to data from PropertyShark. At this point in 2024, 55 new foreclosures had been filed.

The rise in foreclosures comes after a short-lived dip. The total number of new cases in New York City decreased from 90 new filings in 2023 to 72 in 2024.

In Q3, New York City saw 21 new commercial foreclosures, a PropertyShark report found.

Brooklyn has seen more foreclosures than the rest of New York City’s boroughs combined, according to the report. Properties in

Brooklyn accounted for 12 of the 21 foreclosure cases this past quarter. Of the 223 commercial foreclosures initiated since 2023, 155 of those cases were filed in Brooklyn, including 41 filings this year thus far.

On the West Coast, the San Jose Mercury News reports: Oakland office building is foreclosed in fresh sign of market maladies.

A growing number of commercial properties, including office buildings, hotels and residential towers in Oakland, Berkeley and Emeryville, are undergoing financial stress to one degree or another in a difficult real estate market.

In some instances, the properties have suffered loan defaults that have led to foreclosures. In other instances, the commercial real estate sites have suffered a steep decline in value.

But ultimately, I’m sure it will all be fine: Fannie Mae is removing minimum credit score requirements. “This shift impacts first-time homebuyers, credit-invisible buyers, and realtors helping clients navigate mortgage requirements. And yes,  it could open the doors to homeownership for thousands of people who previously couldn’t qualify.”

All the new homeowners will balance out the commercial real estate foreclosures, right? Right?!