Local sales of homes in foreclosure jump 65% in 3Q

Sales of Chicago-area homes in the foreclosure process but not yet repossessed by banks soared during the third quarter, RealtyTrac reported Thursday.

The online foreclosure marketplace said 3,531 pre-foreclosure homes in the greater Chicago area sold in the three months that ended in September, up 34 percent from the second quarter and 65 percent year-over-year. Separately, third-quarter sales of repossessed, bank-owned properties rose to 5,731 properties, up 37 percent from June and 45 percent from 2011's third quarter.

Increased sales of distressed homes are a good sign for the market's long-term health because overall prices will rise as discounted properties are removed from the market. Also, the increase in pre-foreclosure short sales has enabled homeowners to benefit from the Mortgage Forgiveness Debt Relief Act, which does not treat the forgiven part of the unpaid debt as taxable income. The legislation is set to expire at year's end.

Natiionally, the 98,125 pre-foreclosure short sales completed during the third quarter just outnumbered the sale of 94,934 bank-owned properties.

"The shift toward earlier disposition of distressed properties continued in the third quarter as both lenders and at-risk homeowners are realizing that short sales are often a better alternative than foreclosure," said Daren Blomquist, a RealtyTrac vice president.

However, he added, "The prospect of being taxed on potentially tens or hundreds of thousands of dollars in additional income may motivate more distressed homeowners to forgo a short sale and allow the home to be foreclosed."

On average, Chicago-area homes sold through short sales, a transaction where the homeowner sells the property for less than the amount owed on the mortgage, with the bank's permission, sold for an average discount of 41 percent from non-distressed sales. Bank-owned homes sold at an average discount of 54 percent.

RealtyTrac said sales of distressed properties accounted for 28 percent of Chicago-area home sales during the third quarter. The company's definition of the Chicago area extends from southern Wisconsin to Northwest Indiana.

mepodmolik@tribune.com | Twitter @mepodmolik

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Jazz legend Dave Brubeck dead

Dave Brubeck, a jazz musician who attained pop-star acclaim with recordings such as "Take Five" and "Blue Rondo a la Turk," died Wednesday morning at Norwalk Hospital, in Norwalk, Conn., said his longtime manager-producer-conductor Russell Gloyd.

Brubeck was one day short of his 92nd birthday. He died of heart failure, en route to "a regular treatment with his cardiologist,” said Gloyd.

Throughout his career, Brubeck defied conventions long imposed on jazz musicians. The tricky meters he played in “Take Five” and other works transcended standard conceptions of swing rhythm.

The extended choral/symphonic works he penned and performed around the world took him well outside the accepted boundaries of jazz. And the concerts he brought to colleges across the country in the 1950s shattered the then-long-held notion that jazz had no place in academia.

As a pianist, he applied the classical influences of his teacher, the French master Darius Milhaud, to jazz, playing with an elegance of tone and phrase that supposedly were the antithesis of the American sound.

As a humanist, he was at the forefront of integration, playing black jazz clubs throughout the deep South in the ’50s, a point of pride for him.

"For as long as I’ve been playing jazz, people have been trying to pigeonhole me,” he once told the Tribune.

"Frankly, labels bore me."

He is survived by his wife, Iola; four sons and a daughter; grandsons and a great granddaughter.

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“The Message” deemed greatest hip hop song ever

LOS ANGELES (Reuters) – The 1982 hit “The Message” by Grandmaster Flash and the Furious Five was named the greatest hip hop song of all time on Wednesday, in the first such list by Rolling Stone magazine to celebrate the young but influential music genre.

“The Message,” which tops a list of 50 influential hip hop songs, was the first track “to tell, with hip hop‘s rhythmic and vocal force, the truth about modern inner-city life in America,” Rolling Stone said.

Grandmaster Flash and the Furious Five, a hip hop collective from the south Bronx in New York, was formed in 1978 and became one of the pioneers of the hip hop genre.

The full list spanned songs ranging from Sugarhill Gang’s 1979 hit “Rapper’s Delight,” which came in at No. 2, to Kanye West‘s 2004 hit “Jesus Walks,” which landed at No. 32.

“It’s a list that would have been a lot harder to do ten or 15 years ago because hip hop is so young,” Nathan Brackett, deputy managing editor of Rolling Stone, told Reuters.

“We’ve reached the point now where hip hop acts are getting into the (Rock and Roll) Hall Of Fame… it just felt like the right time to give this the real Rolling Stone treatment.”

Rolling Stone‘s top 10 featured mostly hip hop veterans, such as Run-D.M.C.’s 1983 track “Sucker M.C.’s,” Dr. Dre and Snoop Dogg’s 1992 hit “Nuthin’ But A ‘G’ Thang,” Public Enemy’s 1990 song “Fight The Power” and Notorious B.I.G’s 1994 hit “Juicy.”

Other influential artists in the top 50 songs included Beastie Boys, who came in at No. 19 with “Paul Revere,” and recordings by Jay-Z, Eminem, Missy Elliot, Outkast, Lauryn Hill, LL Cool J, Nas and the late rapper 2Pac.

The list of 50 songs was compiled by a 33-panel of members comprising Rolling Stone editors and hip hop experts. They included musician Ahmir “Questlove” Thompson of The Roots, who Brackett described as “an incredible encyclopedia” of both old and new hip hop knowledge.

Brackett noted that some songs considered to be one-hit wonders, such as Audio Two’s 1988 hit “Top Billin’,” made the final selection.

“The references in those songs become the building blocks of all these other songs down the road … they become touchstones, really part of the meat of hip hop songs going forward,” Brackett said.

The full list will be released online at RollingStone.com and in the pop culture magazine on newsstands on December7. The issue will feature four different covers of Eminem, Jay-Z, Notorious B.I.G. and 2Pac.

(Reporting By Piya Sinha-Roy, editing by Jill Serjeant)

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ICC lets ComEd delay smart meters until 2015

The Illinois Commerce Commission on Wednesday approved ComEd's request to delay the installation of smart meters until 2015 but said it will revisit the issue in April when the utility is scheduled to file a progress report on the program.

Under massive grid modernization legislation, ComEd was supposed to begin installing smart meters this year, but the ICC cut the funds ComEd was expecting to receive under the program and the utility said it could no longer afford to install the meters that quickly. The two sides are battling in court in a process that could take years.

An administrative law judge, as well as several consumer advocacy groups, had recommended the commission not accept the delay.

Jim Chilsen, spokesman for Citizens Utility Board, said a delay is not in the best interest of consumers. According to a ComEd commissioned analysis, the delay means consumers will miss out on approximately $187 million in savings that could come from the program over 20 years and will pay $5 million more for the smart meters. Chilsen said that CUB, which had urged the commission not to delay the program, will review the order once it becomes available and that it could seek to appeal the decision before the Illinois Appeals Court.

Other aspects of smart grid installation are under way, including "smart switches" used to automatically isolate outages and reroute power to customers. However, smart meters are the most consumer facing aspect smart grid and let the utility track on a computer what customers lack power and those who have had power restored.

Without the smart meters, customers must alert ComEd to an outage. Other parts of smart grid allow ComEd to see where the power is out in general.

The smart meters were a major component in ComEd's pitch to the state legislature for massive regulatory overhaul legislation that streamlines the rate-making processto give ComEd faster and more frequent rate hikes as it undertakes the multibillion-dollar grid modernization.

jwernau@tribune.com | Twitter @littlewern

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Judge to rule on Mooseheart basketball players from Sudan

A west suburban high school accepted four students from Sudan about one year ago. (WGN - Chicago)

By Ted Gregory




Tribune reporter

12:09 p.m. CST, December 4, 2012

After hearing an hour of arguments, a Kane County judge said he will rule at 3:30 p.m. Tuesday on the eligibility of four Sudanese athletes who compete for Mooseheart.

The Illinois High School Association has ruled that the four teens, three of whom play on the Mooseheart basketball team, are ineligible. The association contends the child residential school in Batavia recruited the boys for their athletic prowess, a violation of IHSA bylaws.

Mooseheart rejects that allegation, noting that the school specifically told the agency placing the teens that the Batavia institution would take Sudanese children regardless of whether they are athletes.

In arguments Tuesday morning, Mooseheart attorney Peter Rush said preventing the players -- gifted athletes who stand 6 feet 7 inches and above -- from participating in games before the IHSA has a full hearing on the issues is akin to executing a defendant before trial.

IHSA attorney David Bressler said the agency provided Mooseheart "rudimentary due process" by teleconferences and a meeting with IHSA director Marty Hickman before issuing the ineligibility decision.

He also noted that the agency through which Mooseheart brought the teens to campus specifically handles the placement of athletes.

Mooseheart has a game tonight and Wednesday night. The IHSA hearing is set for Dec. 10.

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Is the iPad Mini as Good as the iPad?

The iPad Mini‘s screen doesn’t have the same “resolutionary” Retina display as its bigger brother, but don’t worry: the Apple snobs appear to have gotten over that. After spending time with his new baby-tablet, The New York Times‘s Nick Bilton gave in, calling the gadget his new “Desert Island Device.” (It replaced his iPhone, by the way.) The inferior screen had worried Bilton like it had others, but no longer: ”I used it for two weeks and my concerns about the screen’s quality are completely irrelevant.” It’s not that Bilton prefers the “fuzzy” screen, as he called it. But the portability of the lightweight Mini outweighs that for him, making this tablet, in his opinion, really the best tablet Apple has ever made.

RELATED: Prepare for an iPad Mini This Month

Considering all the fawning over the Retina display on the iPad proper, it’s pretty amazing to see reviewers toss that upgrade for something that Steve Jobs forbid the company to create. Bilton’s not the only one to prefer the new cousin, even if it is technically worse. Noted Apple-phile Jonathan Gruber said he hadn’t touched the fourth-generation iPad that Apple released this year as well “I’ve gone small and fuzzy,” he wrote. When the Retina display first came out, Gruber called it “pure joy” for his “dream iPad.” But a funny thing happened on the way out of the hype cycle: Apple put out something the masses were supposed to like more than the techies, and that just made everyone like it even more. Call it a holiday miracle, but the Apple snobs may be snobs no more.

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Fleetwood Mac readies tour and new music

NEW YORK (AP) — Fleetwood Mac is heading back on the road, and that means the top-selling group will release new music — sort of.

On its 34-city North American tour, which kicks off April 4 in Columbus, Ohio, the band will perform two new songs, and it could mean a new album will follow. Or not.

Stevie Nicks recently sang on tracks that Lindsey Buckingham, Mick Fleetwood and John McVie worked on, calling the sessions “great.” But Nicks also says she’s not sure where the band fits in today’s music industry.

“Whether or not we’re gonna do any more (songs), we don’t know because we’re so completely bummed out with the state of the music industry and the fact that nobody even wants a full record,” she said. “Everybody wants two songs, so we’re going to give them two songs.”

Nicks said depending on the response to the new tracks — which Buckingham calls “the most Fleetwood Mac-y stuff … in a long time” — more material could come next.

“Maybe we’ll get an EP out of it or something,” Buckingham said.

Nicks will continue to record solo albums, though. The group is celebrating the 35th anniversary of the best-selling “Rumours” album, which has moved some 20 million units in the United States. She knows that’s not possible again, despite the success of Adele’s “21,” which has sold 10 million units in America in less than two years.

“This is Adele’s ‘Rumours,’” Nicks said. “She had a baby, she’s going to take a year off to take care of her baby — that’s why I never had any kids. She’s going to go back and start writing again, you never know what the next record’s going to be. Is it going to sell 10 million records? You don’t know,” she said.

Buckingham said he initially wanted to record a new album, but Nicks “wasn’t too into that.” But the guitarist and singer knows that new music isn’t a priority for the band’s fans.

“It wouldn’t matter if they didn’t hear anything new. In a way there’s a freedom to that — it becomes not what you got, but what you do with what you got. Part of the challenge of this tour is figuring out a presentation that has some twists and turns to it without having a full album,” he said.

Fleetwood Mac, which was formed in 1967, last released an album in 2003, though they hit the road in 2009. Nicks and Buckingham — who originally joined the band in 1974 as a couple — both released solo albums and toured last year. Buckingham had suggested that Fleetwood Mac tour last year, but says getting everyone to agree was tough.

“If you look at Fleetwood Mac as a group, you can make the case of saying we’re a bunch of individuals who don’t necessarily belong in the same group together, but it’s the synergy of that that makes us so good. But it also makes the politics a little more tenuous,” he said. “You can say that not only can it be a political minefield, someone’s always causing trouble, right? I caused trouble for years so I can’t point any fingers.”

The tour also includes cities such as New York, Chicago, Boston, Las Vegas and Los Angeles, and will end June 12 in Detroit.

_____

Online:

http://www.fleetwoodmac.com/

You can follow Music Writer Mesfin Fekadu on Twitter at twitter.com/MusicMesfin

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Baxter to buy Gambro for $4B

Healthcare products maker Baxter International Inc. said on Tuesday that it would buy privately held Swedish dialysis product company Gambro AB for about $4 billion to expand its kidney therapy portfolio.

Baxter, whose shares were down 1 percent, will finance the deal with debt and cash. The deal marks Baxter's biggest acquisition since Chief Executive Robert Parkinson took the helm in 2004.

Baxter manufactures kidney dialysis equipment, drug infusion pumps and blood therapy products. The Gambro acquisition will round out Baxter's renal business, which accounted for almost one-fifth of the company's 2011 revenue of $13.89 billion.

Gambro is one of the largest makers of equipment for hemodialysis, which is generally performed in a hospital or clinic. The dialysis from Baxter's machines is called peritoneal and can be performed at home.

Gambro's sales have been flat to weaker in recent years, undermined partly by capacity constraints, but Baxter executives voiced confidence during a conference call with analysts that the business can be turned around.

"This is a very large global market and...it's going to continue to grow over the long term," Parkinson told analysts.

"At the end of the day, this is an acquisition that is not dependent on any one pathway for value creation. It is not dependent on a major new product launch or technological advancement, and is not dependent on commercial assumptions that our overly optimistic. This is an acquisition that is dependent on execution," he said. "This is something we know we can do and do well."

He said the planned acquisition did not represent a change in the direction of the company, which also makes drug infusion pumps and blood therapy products.

Shares of Baxter were down 1.1 percent at $65.11 near midday on Tuesday on the New York Stock Exchange. The deal is expected to close in the first half of next year.

TOO PRICEY?

Some analysts said they were concerned by the price tag and that the company will scale back its share buyback program in order to acquire Gambro.

"I think the deal makes sense. I think it does fit well with their existing renal business and I think there probably are synergies, but at the same time it is a lot of cash they are paying for this thing. They are taking on a significant amount of debt," said Michael Matson, an analyst at Mizuho Securities USA.

The Gambro deal marks further consolidation in the kidney dialysis market, where Gambro and Baxter compete against companies including U.S.-based DaVita HealthCare Partners Inc. and Germany's Fresenius Medical Care AG & Co. KGaA .

Analyst Kristofer Liljeberg of Sweden's Carnegie investment bank said the Gambro deal would give Baxter the No. 2 clinical dialysis position, behind Fresenius.

"I think in the longer-term, the ambition is to try to challenge Fresenius," Liljeberg said.

However, he said, Gambro, which is owned by Swedish investment holding company Investor AB and its partly owned private equity company, EQT Corp., had been struggling in recent years with slow growth and price competition.

Liljeberg said the deal was a good one for family-owned Investor, which controls several of Sweden's top companies. Since they bought Gambro, Investor and EQT have sold off its clinics and a blood component business.

A GROWING MARKET

More than 2 million patients globally are on some form of dialysis, and that has been increasing more than 5 percent annually, in part because of the rising rates of diabetes and hypertension.

Excluding special items, Baxter expects the Gambro transaction to reduce earnings per diluted share by 10 to 15 cents in 2013 and be neutral or add modestly to them in 2014. The deal is expected to close in the first half of next year.

Excluding the impact of special items and estimated amortization of intangible assets, the company said the deal should not affect earnings in 2013 and add 20 to 25 cents a diluted share in 2014.

Baxter said it expected the deal to add to earnings per diluted share, excluding special items, after 2014.

The suburban Chicago company said it expected over five years to increase sales by 7 to 8 percent, excluding the impact of currency fluctuations, on a compound annual basis, with earnings per diluted share, excluding special items, rising by 8 to 10 percent.

"Companies like Baxter can unlock a fair amount of value when they find strategic use for their overseas cash," said Piper Jaffray analyst Matt Miksic.

Indeed, Baxter said it planned to finance the deal with cash overseas. Multinational companies that have large international sales often have difficulties moving that cash back to the United States where they can put it to use.

J.P. Morgan was Baxter's financial adviser for the deal.

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Last-minute postponement of federal trial involving Burge

Jon Burge arrives for sentencing in January 2011. He was convicted of lying under oath about police torture. (E. Jason Wambsgans, Chicago Tribune / December 3, 2012)

By Annie Sweeney




Tribune reporter

11:31 a.m. CST, December 3, 2012

A federal trial over allegations that former Chicago police Cmdr. Jon Burge and other detectives covered up information that would have exonerated a man who spent 26 years in prison for a murder he didn’t commit was postponed today at the last minute.

U.S. District Judge Elaine Bucklo made the surprise announcement at about 10:15 a.m. as a jury was about to be picked.

Bucklo said the trial was postponed until Dec. 17 “due to issues that need to be resolved.”

Over the weekend, attorneys for Burge and the four detectives asked the judge to hold settlement discussions with the lawyers on both sides of the case. Attorneys for Alton Logan opposed any delay in the trial.

The trial stemming from Logan’s lawsuit would mark the first time in two decades that Burge, the disgraced former police commander, will testify in court about one of the numerous civil lawsuits filed against him.

Though he is expected to plead the Fifth Amendment, he will testify by way of videoconferencing from a federal prison in North Carolina, where he is serving a 4 1/2-year  sentence for lying about torture and physical abuse by his crew of detectives.

Logan, though, isn’t alleging he was beaten into confessing to murder by Burge and his men, but rather that they concealed evidence, even from Cook County prosecutors, that would have exonerated him.

asweeney@tribune.com

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Nokia Siemens to sell optical networks unit

FRANKFURT (Reuters) – Mobile telecoms equipment joint venture Nokia Siemens Networks, which is focusing on its core business, is to sell its optical fiber unit to Marlin Equity Partners for an undisclosed sum.

Up to 1,900 employees, mainly in Germany and Portugal, will be transferred to the new company, NSN said on Monday.

The company, owned by Nokia and Siemens, has sold a number of product lines since it last year announced plans to divest non-core assets and cut 17,000 jobs, nearly a quarter of its total workforce.

Nordea Markets analyst Sami Sarkamies said he expected more divestments after the optical unit deal. This disposal was a small surprise, he said, because NSN needed some optical technology – where data is transmitted by pulses of light – for its main mobile broadband business.

The move may hint the company is preparing itself for further consolidation in the sector by cutting overlaps with other players, Sarkamies said.

The telecom equipment market is going through rough times with stiff competition. French Alcatel-Lucent is also cutting costs.

($ 1 = 0.7689 euro)

(Reporting by Harro ten Wold; Editing by Greg Mahlich and Dan Lalor)

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