ELWOOD — Start the bidding.

Over the next month, 134 Madison County homes will be put up for auction in a sheriff’s sale, a result of foreclosures.

Of course, the countywide foreclosure crisis is only a microcosm of the growing housing dilemma nationwide.

Plummeting home values, the ever-climbing cost of living and a near-crippled economy are all being blamed for the skyrocketing foreclosure rates plaguing the country.

More than 1,110 homes in Madison County have been either foreclosed upon or are in pre-foreclosure status, according to Realtytrac, a nationwide online tracking Web site.

Abby Ramsey, who handles the sales at the Madison County Sheriff’s Department, said Anderson used to lead the county in foreclosure rates but not anymore.

“I have seen an increase in the houses that I’m selling.,” Ramsey said. “It used to be mostly Anderson, and now the Elwood list has increased.”

Fifteen of the 65 homes up for auction at the July 18 sheriff’s sale are located in Elwood. This, Ramsey said, is a drastic increase. “It used to be that if I had one or two, that would be a lot for Elwood.”

With 6.8 percent of 2,508 owner-occupied homes in foreclosure, Elwood beats Anderson by a full 2 percent.

With foreclosed homes popping up in every Elwood neighborhood, it’s nearly impossible to sell a home at the same price it listed for last summer, explained Bob Jones of Bob Jones Realty in Elwood.

“People that have nice homes, their homes have to compete in sale price with the foreclosures,” Jones said. “These foreclosures are killing the property values of those that have clean, nice homes.”

The recent loss of 500 jobs due to two plant closings in Elwood, with a third closing rumored to be soon, has hardly improved the outlook for residents hoping to keep home values up.

Pendleton leads in county foreclosure rates with 7.5 percent of its 813 owner-occupied homes in pre-foreclosure, owned by banks, or up for auction.

How it happens

According to Ramsey, most homeowners losing their homes began falling behind in payments about six months ago.