Trenton – Legislation sponsored by Senator Troy Singleton, Senator Dawn Marie Addiego, and Senator Steven Oroho, which will require the Department of Community Affairs to create a database and interactive map concerning residential properties under foreclosure, was signed into law today by Governor Phil Murphy.
“Finding the status of foreclosures in New Jersey can be a daunting task. This is due in part to the fact that New Jersey’s municipalities do not have a centralized database that can be used to get real-time data,” said Senator Singleton (D-Burlington). “Given that New Jersey repeatedly leads the nation in foreclosures, it is imperative that the state captures an accurate picture of New Jersey’s foreclosure problem.”
“Municipalities and the state government need to improve upon communication in order to track the overwhelming number of foreclosed homes across the state,” said Senator Addiego (D-Atlantic/Burlington/Camden). “This new law will not only establish the framework needed to create a centralized state database, but it also creates a self-sufficient funding source.”
“New Jersey’s foreclosure rate is among the worst in the nation, but this is about so much more than empty houses. These are incredibly traumatic and stressful proceedings for everyone involved,” said Senator Oroho (R-Sussex/Warren/Morris.) “Foreclosures can also create public safety issues, and bring down property values throughout an entire neighborhood. By working together to tackle this crisis, we are improving the lives of our residents in need, and safeguarding New Jersey’s housing market and economic future.”
The new law will require the DCA to create a database with an interactive map which will detail the extent of foreclosed properties in New Jersey. The database will be developed, maintained and updated daily, and will be required to be transmitted electronically.
The law was a part of the larger foreclosure bill package that Senator Singleton introduced in January, a few of which have also been signed into law.