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

Remember the winter of 2010-11, and the Groundhog Day blizzard that dumped more than 21 inches of snow on Chicago? Rochelle McIntosh remembers it all too well.

By Mary Ellen Podmolik




Tribune reporter

6:25 a.m. CST, December 6, 2012

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 icon Dave Brubeck dead

Dave Brubeck changed the sound of jazz in profound ways, unexpectedly becoming something of a pop star in the process.

Starting in the mid-1950s, in fact, he emerged as a symbol of jazz in America, and well beyond, gracing the cover of Time magazine in 1954 and selling more than a million copies of “Take Five” in 1960. To this day, the puckishly syncopated tune remains one of the most recognizable in jazz, though Brubeck didn’t write it – his alto saxophonist, Paul Desmond, did.

Beneath the popular acclaim stood a brilliant, uncompromising composer-pianist who challenged conventional jazz techniques, brought the music to American college campuses and helped break down racial barriers through a music uniquely suited to that task.

Brubeck was en route to an appointment with his cardiologist when he was stricken Wednesday morning, said his longtime manager-producer-conductor, Russell Gloyd. The pianist died of heart failure at Norwalk Hospital, in Norwalk, Conn., near his home in Wilton, Conn.

Brubeck was anticipating a birthday concert Thursday, when he would have turned 92. The performance will go on, but in the form of a tribute, in Waterbury, Conn.

"Dave Brubeck was one of the giants in the music – he changed the way people listened to the music,” said David Baker, distinguished professor of music at Indiana University and a friend of the Brubeck family.

"He could swing in any time signature – it seemed like forward motion was born in his blood,” said pianist Ramsey Lewis, who played four-hand piano with Brubeck at the Ravinia Festival in Highland Park in 2010. Though the Ravinia Festival does not release attendance figures, a huge audience turned out for that concert, a celebration of Lewis’ 75th birthday.

"Playing with Dave at Ravinia was one of the most exciting moments in my life,” added Lewis.

Brubeck’s last performance in the Chicago area was a 2011 Father’s Day show at Ravinia, where the 90-year-old pianist shared the stage with four sons: pianist Darius, trombonist Chris, cellist Matt and drummer Dan. The elder Brubeck also consistently drew large audiences to Symphony Center, where he last played in 2009.

"Dave Brubeck was one of few jazz headliners who was guaranteed to bring in a large crowd,” said Nick Pullia, Ravinia Festival communications director.

Though widely beloved as an elder statesman in jazz during recent decades, Brubeck’s initial burst of immense popularity, more than half a century ago, caused a backlash. When “Take Five” made him a household name, some critics and deejays accused him of selling out, he said in a 1990 Tribune interview.

"But I had a lot of fun with them,” recalled Brubeck. “One of the most internationally known disc jockeys accused me, right on the air, of going commercial.

"So I said to him, on the air: ‘OK, let’s play the (‘Take Five’) record, and you follow along and count it,’” said Brubeck, referring to its underlying rhythmic pattern, which defied the two-, three- and four-beats-to-the-bar techniques of the day.

"And there was this huge blank – he didn’t say anything.

"So I said, ‘Well, why don’t you do it?’

"And he just didn’t answer.

"At that time, hardly any musicians could play ‘Take Five.’ Now a grammar school kid can play it.

"But those were breakthroughs.”

Brubeck ventured even further afield in another piece that, to his surprise, became a popular hit, his “Blue Rondo a la Turk.” Its lush harmonies sounded exotic in the late ’50s, while its switches between offbeat rhythms and bona fide swing were like nothing yet encountered in American music.

For “Blue Rondo,” Brubeck drew inspiration from a characteristically unlikely source: “I heard street musicians playing in Istanbul,” he said in the 2010 documentary film “In His Own Sweet Way.” By transforming Eastern harmonies and regional rhythms through jazz, Brubeck hit upon an alluring sound and a signature hit.

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Microsoft #DroidRage Tweet Shows How Malware Has Moved Past Windows

“Do you have an Android malware horror story?” Microsoft asks through its @windowsphone Twitter account, in what may be one of the most ironic tweets of the year.

After all, it wasn’t that long ago that “virus” and “worm” stories made headlines on a regular basis, all of them about “computer viruses” which were really Windows viruses. Just a few years ago, Apple advertised the fact that a Mac “Doesn’t get PC viruses” as a reason to buy one.

But this year, 600,000 Macs were infected by the Flashback trojan, an epidemic which exceeded the scale of history’s single largest Windows infection. And now ​Microsoft​ is implying that its phones don’t get malware, as a way to advertise them. How did things get to be this way, and what will malware and virus authors do next?

​When virii attack

For years, Microsoft’s DOS and Windows operating systems were the biggest targets for virus and malware authors simply because they were the least secure. Today’s PC security best practices had yet to be built into them, and trying to bolt features on to ancient programming code was a half-baked solution at best. HugeWindows malware epidemics spread as the malware programs were able to install themselves without explicit permission and operate without user intervention.

​Network effects

One reason Microsoft Windows dominated the computing world for years and years was simply because it was dominant. More people using Windows meant more profits for Windows app developers, which meant more games and apps for Windows, which meant more people buying Windows PCs so they could use Windows games and apps.

Like with apps, malware is a business that makes money for the people who write it. And while it was theoretically possible to infect a computer running a more secure operating system, like OS X (used on Macs) or Ubuntu (powered by Linux), it was considered impossible to get it to spread far enough to be profitable. Whereas on Windows it was (and still is) possible to infect vast numbers of PCs, even chaining them into zombified “botnets” which act as supercomputers-for-hire.

​How the mighty have fallen?

OS X’s more secure design makes it extremely hard to infect with malware — normally. The Flashback trojan sneaked in this year using the Java web browser plugin, which is bundled with the Mac’s Safari web browser and was poorly maintained.

Plugins like Java and Flash open up new ways to infect a computer, which was one reason why Apple stopped including the Flash plugin (already absent on its iPhone and iPad) by default. Apple created a fix for the problem, but not before over half a million Macs were infected.

​What about on smartphones?

Unlike Apple and Microsoft’s app stores, the Google Play store allows anyone to submit anything with no review. It’s up to Android smartphone and tablet users to look at the “permissions” each game or app requests, as well as the reputation of their developers, and decide whether or not to install them.

While some consider this approach more “trustworthy” and respectful of users, it’s also helped lead to a comparatively enormous number of malware infections on Android, including “The Mother of All Android Malware,” which completely took over tens of thousands of phones last year.

​Are you #DroidRage-ing yet?

Microsoft’s tweet says “we may have a get-well present” for people who send it their best or worst stories of Android malware. Even if all the apps in the Windows Store are virus-free, however, there are still far fewer of them than there are for Android.

Jared Spurbeck is an open-source software enthusiast, who uses an Android phone and an Ubuntu laptop PC. He has been writing about technology and electronics since 2008.
Social Media News Headlines – Yahoo! News

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A Minute With: Scottish DJ Calvin Harris hits big time in U.S

LOS ANGELES (Reuters) – Scottish DJ Calvin Harris may not be the most recognizable face in the U.S. music scene, but after writing Rihanna‘s biggest chart hit and with two other top 20 singles, Harris is fast becoming a chart staple.

Harris, 28, found success in the UK over the last five years before storming the Billboard Hot 100 earlier this year with “We Found Love,” a dance-infused dark love song featuring Rihanna’s vocals that became one of 2012′s biggest hits.

The DJ, who released album “18 Months” in November featuring other hits “Feels So Close” and “Let’s Go,” sat down with Reuters to talk about his U.S. breakthrough.

Q: Did you ever think “We Found Love” was going to be one of the biggest hits in the U.S. this year, and what do you think of the growing British presence in the U.S. music charts?

A: “I hoped that it would do really well, but you can’t predict writing Rihanna’s biggest-ever record, else you’re an egomaniac. Couldn’t have predicted that – that was a surprise. It’s nice that British music is getting played over here, it seems like everyone has a more even playing field than before.”

Q: Why do you think dance music is becoming such a big part of the U.S. scene?

A: “The people to thank are probably the Black Eyed Peas and Lady Gaga. They were the first two American mainstream acts to have that house beat in their songs, whereas before, it was all hip hop. I remember Ne-Yo, when ‘Closer’ came out … and it bombed here but in the UK it was number 1, it was massive … Black Eyed Peas’ ‘I Got a Feeling’ and (Lady Gaga’s) ‘Poker Face’ that was pushed really hard, and once they were huge, huge hits … radio stations wanted more and there was plenty of it because it’s been going on for years.”

Q: There are a lot of DJs coming into the mainstream scene now. How do you make yourself stand out in a saturated market?

A: “I like making dance records with lyrical depth. I also like the music to sound rich and full and have real instruments, and not be that kind of synthetic sound, combined with lyrics about popping bottles, being in the club … I like them to be the sort of lyrics you can find in another genre because I think dance music historically, the lyrics have been banal and I’m not into that. I like making actual songs but also something that still works on the dance floor.”

Q: Your new album “18 Months” has songs that span different sounds within the dance-pop genre. Were any tracks challenging?

A: “The two most challenging mixes were the tracks with Example and Florence (Welch), because I think the key is to make it sound like there isn’t that much going on when actually there is … it was a more difficult mix because it was more dynamic.”

Q: Some critics say that you use well-known artists like Rihanna or Florence just so you can get hits. What do you say to people who think you’ve sold out?

A: “Critics don’t buy albums, they’re also almost 90 percent either failed musicians or they don’t know better than anyone else. Also, I don’t like them. What’s the point of a critic? … I ‘sold out’ when I signed a major record deal, which was in 2006. People didn’t say I sold out then … so don’t accuse me of selling out now. It’s very very late to do that.

“If Florence Welch wants to do a track with me, I’m going to say no and use someone unknown? … I want to do a track with people I like, not people I haven’t heard of before.”

Q: Some of your music videos have been provocative. “We Found Love” features domestic abuse and drug use, and Florence Welch’s “Sweet Nothing” has violence. Do you think music videos have to provoke to be noticed?

A: “I like videos to be seen by all and the guy who’s done my videos since ‘Bounce,’ Vince Haycock, I forever censor him … But recently, I’ve let him do whatever he wants and it’s more fun, I’ve discovered, to make whatever video he wants to make … I guess you’re more likely to get more views if someone is getting smacked in the face with a chair … ‘Sweet Nothing’ was great, but there was a lot that was cut out, like a brutal fight scene at the end … it got cut out because I couldn’t watch it, and the soundtrack was my music. There’s obviously a boundary. I’ve not had any naked people in my videos yet.”

Q: A lot of DJs are now collaborating with brand names in sponsorship deals. Are you doing anything similar?

A: “I’m genuinely just making music, I’m trying to make it good. I know these guys with their headphones and their logos and their gimmicks – you can take that route but I think it’s just added pressure to uphold something … Other people do it much better than me because they’re more like personalities.”

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

Music News Headlines – Yahoo! News

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Extended Use of Breast Cancer Drug Suggested

The widely prescribed drug tamoxifen already plays a major role in reducing the risk of death from breast cancer. But a new study suggests that women should be taking the drug for twice as long as is now customary, a finding that could upend the standard that has been in place for about 15 years.

In the study, patients who continued taking tamoxifen for 10 years were less likely to have the cancer come back or to die from the disease than women who took the drug for only five years, the current standard of care.

“Certainly, the advice to stop in five years should not stand,” said Prof. Richard Peto, a medical statistician at Oxford University and senior author of the study, which was published in The Lancet on Wednesday and presented at the San Antonio Breast Cancer Symposium.

Breast cancer specialists not involved in the study said the results could have the biggest impact on premenopausal women, who account for a fifth to a quarter of new breast cancer cases. Postmenopausal women tend to take different drugs, but some experts said the results suggest that those drugs as well might be taken for a longer duration.

“We’ve been waiting for this result,” said Dr. Robert W. Carlson, a professor of medicine at Stanford University. “I think it is especially practice-changing in premenopausal women because the results do favor a 10-year regimen.”

Dr. Eric P. Winer, chief of women’s cancers at the Dana-Farber Cancer Institute in Boston, said that even women who completed their five years of tamoxifen months or years ago might consider starting on the drug again.

Tamoxifen blocks the effect of the hormone estrogen, which fuels tumor growth in estrogen receptor-positive cancers that account for about 65 percent of cases in premenopausal women. Some small studies in the 1990s suggested that there was no benefit to using tamoxifen longer than five years, so that has been the standard.

About 227,000 cases of breast cancer are diagnosed each year in the United States, and an estimated 30,000 of them would be in premenopausal women with ER-positive cancer and prime candidates for tamoxifen. But postmenopausal women also take tamoxifen if they cannot tolerate the alternative drugs, known as aromatase inhibitors.

The new study, known as Atlas, included nearly 7,000 women with ER-positive disease who had completed five years of tamoxifen. They came from about three dozen countries. Half were chosen at random to take the drug another five years, while the others were told to stop.

In the group assigned to take tamoxifen for 10 years, 21.4 percent had a recurrence of breast cancer in the ensuing ten years, meaning the period 5 to 14 years after their diagnoses. The recurrence rate for those who took only five years of tamoxifen was 25.1 percent.

About 12.2 percent of those in the 10-year treatment group died from breast cancer, compared with 15 percent for those in the control group.

There was virtually no difference in death and recurrence between the two groups during the five years of extra tamoxifen. The difference came in later years, suggesting that tamoxifen has a carry-over effect that lasts long after women stop taking it.

Whether these differences are big enough to cause women to take the drug for twice as long remains to be seen.

“The treatment effect is real, but it’s modest,” said Dr. Paul E. Goss, director of breast cancer research at the Massachusetts General Hospital.

Tamoxifen has side effects, including endometrial cancer, blood clots and hot flashes, which cause many women to stop taking the drug. In the Atlas trial, it appears that roughly 40 percent of the patients assigned to take tamoxifen for the additional five years stopped prematurely.

Some 3.1 percent of those taking the extra five years of tamoxifen got endometrial cancer versus 1.6 percent in the control group. However, only 0.6 percent of those in the longer treatment group died from endometrial cancer or pulmonary blood clots, compared with 0.4 percent in the control group.

“Over all, the benefits of extended tamoxifen seemed to outweigh the risks substantially,” Trevor J. Powles of the Cancer Center London, said in a commentary published by The Lancet.

Dr. Judy E. Garber, director of the Center for Cancer Genetics and Prevention at Dana-Farber, said many women have a love-hate relationship with hormone therapies.

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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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South Loop residents oppose DePaul arena near McCormick

The prospect of a DePaul University men's basketball arena being constructed on land just north of McCormick Place is drawing strong opposition from the Prairie District Neighborhood Alliance, a South Loop residents' organization, according to a letter released Tuesday.
 
A survey of 700 neighbors of the site, conducted by the community group, found more than 70 percent oppose construction of a Blue Demons arena there, Tina Feldstein, president of the organization, stated in the letter.
 
An arena would not fit within the residential and historic character of the area and could put two landmark structures, the Harriet F. Rees House and the American Book Co. building, at risk, the letter stated. It would also add to traffic congestion and potential rowdiness in an area already overburdened when conventions are in progress at McCormick Place or major events, including Chicago Bears games, are taking place at Soldier Field, Feldstein said in an interview.
 
"We're not against vibrant development, which hotel and retail would bring," Feldstein said. And the group would support an arena at an alternate site on the Near South Side, she said.
 
The letter was written in support of an alternate plan for the so-called "Olde Prairie" blocks, which is being put forward in bankruptcy court by developers Pam Gleichman, Karl Norberg and Gunnar Falk. Their plan calls for hotel and retail development on property directly north of the McCormick Place administrative offices and West Building on Cermak Road.
 
If they lose control of the property, it is expected to go up for auction, making it possible for the Metropolitan Pier and Exposition Authority, the state-city agency that owns McCormick Place, or other parties to make a run at it.
 
DePaul is weighing several sites, including property near McCormick Place and the United Center on the Near West Side. As well, the Allstate Arena in Rosemont is fighting to retain the team.
 
The neighborhood's opposition adds to resistance by Ald. Robert Fioretti, whose 2nd Ward includes McCormick Place.
 
"That is not a place to put an arena -- far away from the school," he said. "I think there are traffic issues related, and it would be a bad deal for taxpayers in these economic times."

Fioretti noted such a project likely would require public subsidy.
 
The Olde Prairie blocks have not been officially designated as a potential site for a DePaul arena, but Fioretti said it is his understanding that they are being seriously considered.
 
Jim Reilly, chief executive officer of the exposition authority, known as McPier, has publicly acknowledged that there have been talks with DePaul. A spokeswoman on Tuesday said it would be premature to comment further at this point.

A DePaul spokesperson could not be reached for immediate comment.
 
Chicago Mayor Rahm Emanuel has said he would like DePaul to bring men's basketball back to the city. A spokesman declined comment beyond that.
 
kbergen@tribune.com | Twitter @kathy_bergen

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32% of Young People Use Social Media in the Bathroom

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Disney loses appeal of “Who Wants to Be a Millionaire?” ruling

LOS ANGELES (Reuters) – The Walt Disney Co. was ordered to pay the British creator of the television game show “Who Wants to be a Millionaire?” $ 319 million after a Los Angeles court rejected the company’s request for a new trial.

Britain’s Celador International, which created the quiz show, sued Disney in 2004 alleging that the company hid some of the show’s U.S. profits from Celador.

A three-judge panel of the 9th U.S. Circuit Court of Appeals in Pasadena ruled on Monday that the lower court’s judgment was neither excessive nor based on speculation of profits owed.

A 2010 jury trial found that Disney and its domestic syndication company, Buena Vista Television, owed Celador $ 269.2 million and a federal judge added $ 50 million in interest.

“We are extremely disappointed with the decision, as ABC and Buena Vista Television continue to believe that they fully adhered to the ‘Millionaire’ agreement,” Walt Disney said in a statement on Tuesday.

Disney did not comment on further possible legal action.

“Who Wants to Be a Millionaire?” aired on Disney-owned broadcaster ABC from 1999 to 2002 and was credited with ushering in a new era of reality programming on U.S. television.

“I am pleased that justice has been done,” Celador Chairman Paul Smith said in a statement.

The game show, which started in Britain and later became an international hit, quizzes contestants on trivia for the top prize of $ 1 million. The show is now in U.S. syndication.

(Reporting by Eric Kelsey, editing by Jill Serjeant)

TV News Headlines – Yahoo! News

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United Dreamliner makes emergency landing in New Orleans

A brand-new United Airlines "Dreamliner" airplane bound for Newark was diverted Tuesday morning, making an emergency landing in New Orleans because of an undisclosed mechanical problem.

The highly acclaimed Boeing 787 Dreamliner recently began service in North America in a debut last month with United Airlines. United and Boeing are both based in Chicago.

On Tuesday, the 7:30 a.m. United flight 1146 from Houston to Newark was diverted to Louis Armstrong New Orleans International Airport and landed safely there at 9:25 a.m., the airline said. The plane, the third delivered to United recently, carried 174 customers and 10 crew members. Neither United nor Boeing would describe the problem except to say it was a "mechanical issue."

"We are reaccommodating the customers on a different aircraft to Newark," United said in a statement. "United will work with Boeing to review the diversion and determine the cause."

The Federal Aviation Administration "is looking into it," an FAA spokesman said.

Flights can be diverted for many reasons, from serious problems to a simple malfunction of a cockpit warning light. And flight diversions are not exceptionally uncommon. There were 816 diversions among large U.S. carriers in September alone and double that number in July, for example, according to federal statistics.

The 787 Dreamliner, a new-model aircraft that features greater passenger comforts and fuel efficiency compared with similar planes, is a big deal for both United and Boeing and has been highly touted by both the airline and the aircraft-maker.

However, any hint of a problem with a 787 is noticed. The plane has gotten mostly rave reviews, but is being delivered more than three years late because of design and production problems. The Dreamliner is different because instead of being made mostly of metal, half the plane, including the fuselage and wings, is made of strong, light composite materials.

gkarp@tribune.com

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