By Brandi Watters
As nationwide foreclosures reach new highs, the housing market in Madison County continues to suffer.
According to Abby Ramsey, court administrator for Madison County Sheriff’s sales, the number of foreclosures in small communities within the county is increasing. Elwood, in particular, Ramsey said, has seen a sharp increase in foreclosures over last year. “On July 18th, I have 15 homes that are being sold on that one day. It used to be that if I had one or two homes, that would be a lot for Elwood.”
Ramsey said the increase in foreclosures became noticeable three months ago. Most likely, she said, the foreclosed homes belong to people who lost their jobs six months ago. Homeowners have to miss three mortgage payments before foreclosure proceedings begin, Ramsey said.
There were 150 foreclosures on her desk in April and another 115 in May, Ramsey said. This is compared to 2007 when April saw only 76 county foreclosures with 99 in May.
