There are many commercial buildings that are facing foreclosures alongside the many homes that tend to be the focus of the foreclosure crisis. In New Jersey they are facing numbers that have almost doubled in the past couple months when comparing to the previous year.

From January to March New Jersey has faced more than 260 foreclosures with their commercial buildings. Last year in the first quarter there were a little more than 140 foreclosures. Experts anticipate these numbers will increase as commercial buildings such as condo complexes, apartments, shopping centers, and office buildings will be knocked down and/or utilized for other things in the coming months.

Bergen County, New Jersey saw 17 commercial foreclosures occur so far this year. Last year in the first quarter there were only 6. In Passaic County there were 14 commercial foreclosures so far this year and only a handful last year during the same period of time. With these obvious increases many more businesses will be going out of business which means more people will be out of work and more homeowners will lose their homes. This vicious cycle doesn’t seem to be ending any time soon. Some expect the downfall of foreclosures to occur sometimes in 2010.