Chicago home price recovery lags

The Chicago area's housing recovery continued to lag that of other cities and the nation, as prices in November fell 1.3 percent from a month earlier, according to a widely watched barometer of the housing market.

On an annual basis, home prices in the Chicago area rose only 0.8 percent in November, the smallest positive gain recorded among the 20 cities included in the S&P/Case-Shiller home price index, released Tuesday.

Nationally, home prices rose 5.5 percent annually for the 20-city composite. Much of that  can be traced to market improvements in once hard-hit places such as Phoenix, where home prices have risen 22.8 percent in 12 months. Other cities recording strong yearly increases included Detroit, up 11.9 percent; Las Vegas, up 10 percent; San Francisco, up 12.7 percent; and Minneapolis, up 11.1 percent.

"Housing is clearly recovering," said David Blitzer, chairman of S&P Dow Jones Indices' index committee. "Prices are rising as are both new and existing home sales."

Most cities saw prices decline in November from their October levels, which Blitzer tied to the market's typical winter weakness.

Nevertheless, Chicago turned in the worst monthly performance among the 20 cities. It was the third consecutive monthly decline for local home prices, which showed signs of strength earlier in 2012. Local prices are on par with their June 2001 levels.

Condominium values in the Chicago market also fell for the second consecutive month. In November, they were down 0.9 percent from October but rose 2.7 percent from November 2011.

Strong foreclosure activity, and the resulting sales of those properties at steep discounts, has held down local home prices and the market's recovery. In 2012, Illinois had the fifth highest state foreclosure rate in the nation, topped only by Florida, Nevada, Arizona and Georgia, RealtyTrac reported last week.

Also hindering the local market's recovery is the foreclosure process in Illinois, a judicial state where all foreclosures are processed by the court system. RealtyTrac said it took an average of 697 days to complete a foreclosure in Illinois last year, meaning those properties may not be listed for resale for two years. During that time, their condition can deteriorate, bringing down the value of that home as well as others in the neighborhood.

Another report issued Tuesday showed some improvement in foreclosure activity in the Chicago area, although mortgage delinquencies and foreclosures here continue to outpace those at the national level.

Housing data provider CoreLogic said that 5.57 percent of mortgages in the Chicago area were in some stage of foreclosure in November, compared with 5.7 percent in October and 6.37 percent in November 2011.

Also, 10.10 percent of mortgages in the Chicago area were considered seriously delinquent, meaning they were at least 90 days past due in November. That compares with 10.19 percent in October and 10.72 percent in November 2011.

The national foreclosure and mortgage delinquency rates were 2.97 percent and 6.45 percent, respectively, in November.

mepodmolik@tribune.com | Twitter @mepodmolik

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Boy Scouts may end ban on gay scouts, leaders

DALLAS—

  Boy Scouts of America is discussing ending a longstanding ban on gay members and allowing local organizations to decide their own policy, a spokesman said on Monday.

Lifting the ban would mark a dramatic reversal for the 103-year-old organization, which only last summer reaffirmed its policy amid heavy criticism from gay rights groups and some parents of scouts.

"The BSA is discussing potentially removing the national membership restriction regarding sexual orientation," spokesman Deron Smith said in an email to Reuters.

"The policy change under discussion would allow the religious, civic or educational organizations that oversee and deliver Scouting to determine how to address this issue," the spokesman said.

The organization, which had more than 2.6 million youth members and more than 1 million adult members at the end of 2012, "would not, under any circumstances, dictate a position to units, members, or parents," Smith said.

The Boy Scouts won a 5-4 U.S. Supreme Court ruling allowing the organization to ban gays in 2000, but has come under increasing public pressure in recent years from activists. They include Zach Wahls, an Eagle Scout with two lesbian mothers, and Jennifer Tyrrell, a lesbian mother from Ohio who was ousted as a Scout den leader and treasurer.

"This is absolutely a step in the right direction," said Wahls, who is founder of Scouts for Equality, a group that includes 3,151 other Eagle scouts.

Wahls said he would turn to persuading local councils to enact nondiscrimination policies if the change is approved.

Tyrrell said she looked forward to a day when she and her family might participate in scouting again.

"An end to this ban will restore dignity to countless families across the country, my own included, who simply wanted to take part in all Scouting has to offer," Tyrrell said in a statement.

GLAAD, an anti-discrimination advocacy group, began to press for a reversal of the Boy Scouts policy after Tyrrell was removed from her son's den and more than 1 million people have signed petitions on Change.org seeking an end to the policy.

More than 462,000 people signed a petition on Change.org calling for the Boy Scouts to grant an Eagle Scout application for Ryan Andresen, a California resident who is openly gay.

Andresen's scoutmaster refused to sign the application because of his sexual orientation. A review board for the California chapter recommended he receive the rank, but its recommendation was never forwarded to national headquarters.

The organization has faced pressure from board members - Ernst & Young chairman and chief executive Jim Turley and AT&T chief executive Randall Stephenson have spoken out against the ban - and some corporations withdrew support over the policy.

Patrick Boyle, whose 1994 book "Scout's Honor" was among the first to examine sexual abuse in the Boy Scouts of America, said on Monday the "striking reversal in policy" was likely the result of growing pressure from corporations.

"This is a safe way out of this mess for the national organization, which takes the fight back to the local level, and says to a local leader, 'you make the choice that's right for you'," Boyle said. "It's essentially the Boy Scouts' version of states' rights."

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TSX little changed, RIM positioning offsets banks

TORONTO (Reuters) – Canada‘s main stock index finished little changed on Monday, as gains in the financial group were partially offset by Research In Motion Ltd shares, which sagged ahead of its critical BlackBerry 10 launch this week.

The Toronto Stock Exchange‘s S&P/TSX composite index <.gsptse> was down 0.72 of a point at 12,815.91. Half of the index’s 10 key sectors climbed higher.</.gsptse>

(Reporting by Solarina Ho)

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Singer Chris Brown to be questioned over alleged punch: police

(Reuters) – R&B singer Chris Brown will be questioned as part of an investigation into allegations that he punched a man during a fight over a parking space in West Hollywood, the Los Angeles County Sheriff’s Department said on Monday.

Deputies responded to a call on Sunday about a fight involving six men on Santa Monica Boulevard, the department said. Witnesses said the Grammy-winning singer had assaulted a man during the brief altercation.

No arrests were made. The alleged victim was not named in a department statement that said Brown and his entourage had left the scene before deputies arrived.

Investigators plan to contact the singer about the incident at a later time, according to the department.

Brown, 23, is serving a five-year probation sentence after pleading guilty to assaulting fellow R&B star and former girlfriend Rihanna on the eve of the 2009 Grammy awards.

(Reporting by Colleen Jenkins; Editing by Lisa Von Ahn)

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Observatory: Viagra as Diet Pill?

New evidence suggests that the erectile-dysfunction drug Viagra might have another use: helping burn away excess fat.

The drug, generically known as sildenafil, helped convert undesirable white fat cells to energy-burning beige fat cells in laboratory mice, researchers at the University of Bonn in Germany report in The Journal of the Federation of American Societies for Experimental Biology.

It was already known that mice fed Viagra became less prone to obesity when fed a high-fat diet. What was not clear was why.

Dr. Alexander Pfeifer, director of the university’s Institute for Pharmacology and Toxicology, said he already had some clues: Viagra works by preventing the degradation of the intercellular messenger cGMP. Dr. Pfeifer has long been testing the effects of cGMP on fat cells.

So he fed the drug to mice for seven days and monitored their fat cells. As it turned out, the troublesome white fat cells, which are associated with human problems like the dreaded spare tire, were being converted to the beneficial type of fat cells at a higher rate than usual. Dr. Pfeifer called the results “very promising.”

Still, he cautions against taking the drug purely for dieting purposes. “The idea to have one pill and then obesity goes away, that is a dream, but not easy to come by,” he said. “What we are up to is basic research in mice. This pill is approved by the F.D.A. for a particular purpose for a reason.” 

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2012 stocks: How Illinois cos. fared

If you invested heavily in Illinois companies that provide consulting services, you had little reason to celebrate in 2012.

While the Standard & Poor's 500 index ended the year up 13 percent, most large businesses in the region that counsel other companies on how to improve their operations saw their stock prices drop.

Business support services was one of the few sectors getting clobbered in a 2012 Tribune ranking of Illinois and northwest Indiana stocks' performance.

Stock prices gained at about 70 percent of the 127 companies on the list, and about half outperformed the S&P 500. Bank owners such as Taylor Capital Group emerged from their 2011 doldrums, and Ulta Salon Cosmetics & Fragrance Inc. and Discover Financial Services marked their second consecutive year of soaring stock prices.

The year's biggest decliner, down 76 percent, was Groupon, as once-torrid revenue growth at the daily deals offerer started slowing.

Career Education was the second-worst performer; its stock fell 56 percent. The highly scrutinized for-profit school chain said it would close campuses and cut jobs amid sinking revenue and financial losses.

Sectors boosted by broad gains in 2012 included electrical parts and equipment, industrial machinery, and specialty chemicals.

Of seven Illinois banks on the list, all but one outperformed the S&P 500, with price appreciation of those six ranging from 16 to 86 percent.

In contrast, stocks of four of five professional services firms — Navigant Consulting, Huron Consulting Group, Heidrick & Struggles International and R.R. Donnelley & Sons — closed down 2 to 38 percent.

Each had its own set of issues.

Navigant's services, for example, include advising companies that face disputes, litigation and investigations, including government probes, as well as businesses that need help valuing potential mergers and acquisitions.

"You see fewer government investigations during an election year, as regulators are leaving their jobs, and they don't want to start new ones," said Tobey Sommer, a SunTrust Robinson Humphrey analyst. "Also, worries about the 'fiscal cliff' slowed M&A because CEOs didn't want to look foolish acquiring a company in September ahead of the fiscal cliff when they might have been able to buy it for 20 percent less in January had we gone off."

Meanwhile, Heidrick's troubles included a slowing market for executive searches. In early 2012, analysts expected Heidrick's annual earnings to be in the range of about $1.30 per share. It appears that it will earn closer to 57 cents a share.

Huron's earnings estimates during 2012 were also trimmed, to about $2.10 from about $2.40 a share as the timing of fee payments to its health care consulting business proved volatile.

"Its underlying demand is strong," but an increasing number of clients had signed contracts where a larger portion of revenue was contingent on the outcome of Huron's consulting work, said Randle Reece, analyst with Avondale Partners LLC. That made it harder for the company and the analysts who cover it to predict the timing of revenues, since they are deferred.

For investors interested in "Dumpster diving," Morningstar Inc. considers Exelon, WMS Industries and Caterpillar to be high quality yet undervalued this year, said Heather Brilliant, chief equities strategist.

Navigant is among the region's beaten-down stocks liked by stock research firm EVA Dimensions LLC. "Its fundamentals are improving, and it's really cheap," said EVA analyst Andrew Zamfotis.

Best of the best

Here are the top three stock gainers of 2012:

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Fire at crowded nightclub kills at least 200 in Brazil

SANTA MARIA, Brazil (Reuters) - A nightclub fire killed at least 233 people in southern Brazil early on Sunday when a band's pyrotechnics show set the building ablaze and fleeing partygoers stampeded toward blocked and overcrowded exits in the ensuing panic, officials said.

The blaze in the university town of Santa Maria was ignited by sparks from pyrotechnics used by the band for visual effects. They set fire to soundproofing on the ceiling and the club rapidly filled with toxic smoke, local fire officials said.

Most of those who died were suffocated by fumes, fire brigade Sergeant Robson Muller told Reuters. Others were crushed in the stampede.

"Smoke filled the place instantly, the heat became unbearable," survivor Murilo Tiescher, a medical student, told GloboNews TV. "People could not find the only exit. They went to the toilet thinking it was the exit and many died there."

Fire officials said at least one exit was locked and that club bouncers, who at first thought those fleeing were trying to skip out on bar tabs, initially blocked patrons from leaving. The security staff relented only when they saw flames engulfing the ceiling.

The tragedy, in a packed venue in one of Brazil's most prosperous states, comes as the country scrambles to improve safety, security and logistical shortfalls ahead of the 2014 World Cup soccer tournament and the 2016 Olympics, both intended to showcase the economic advances and first-world ambitions of Latin America's largest nation.

In Santa Maria, a city of more than 275,000 people, rescue workers and weary officials wept alongside family and friends of the victims at a local gymnasium being used as a makeshift morgue.

"It's the saddest, saddest day of my life," said Neusa Soares, the mother of one of those killed, 22-year-old Viviane Tolio Soares. "I never thought I would have to live to see my girl go away."

President Dilma Rousseff cut short an official visit to Chile and flew to Santa Maria, where she wept as she spoke to relatives of the victims at the gym.

"All I can say at the moment is that my feelings are of deep sorrow," said Rousseff, who began her political career in Rio Grande do Sul, the state where the fire occurred.

News of the fire broke on Sunday morning, when local news broadcast images of shocked people outside the nightclub called Boate Kiss. Gradually, grisly details emerged.

"BARRIER OF THE DEAD"

"We ran into a barrier of the dead at the exit," Colonel Guido Pedroso de Melo, commander of the fire brigade in Rio Grande do Sul, said of the scene that firefighters found on arrival. "We had to clear a path to get to the rest of those that were inside."

Officials said more than 1,000 people may have been in the club, possibly exceeding its legal capacity. Though Internet postings about the venue suggested as many as 2,000 people at times have crammed into the club, Pedroso de Melo said no more than half that should have been inside.

He said the club was authorized to be open but its permit was in the process of being renewed.

However, Pedroso de Melo did point to several egregious safety violations - from the flare that went off during the show to the locked door that kept people from leaving.

The club's management said in a statement that its staff was trained and prepared to deal with any emergency. It said it would help authorities with their investigation.

When the fire began at about 2:30 a.m., many revelers were unable to find their way out in the chaos.

"It all happened so fast," survivor Taynne Vendrusculo told GloboNews TV. "Both the panic and the fire spread rapidly, in seconds."

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Abrams on ‘Star Wars’: ‘surreal’ and ‘exciting’

BEVERLY HILLS, Calif. (AP) — J.J. Abrams calls getting assigned to direct the seventh live-action “Star Wars” film “as surreal as it is exciting.”

The director-producer-writer spoke with a handful of media outlets on the red carpet before darting into the Producers Guild Awards on Saturday night. Abrams was there to accept the Norman Lear Achievement Award for such television works as “Felicity” (1998-2002), “Alias” (2001-2006), “Lost” (2004-2010), “Fringe” (2008-2013) as well as the current series “Person of Interest” and “Revolution.”

Abrams also is proving to be a go-to director of successful new films for long-established franchises, such as “Star Trek” and “Mission: Impossible.”

Last week, Lucasfilm officially announced Abrams’ hiring for “Star Wars: Episode VII,” which has a tentative release date of 2015. “Star Wars” creator George Lucas personally endorsed Abrams in a statement: “I’ve consistently been impressed with J.J. as a filmmaker and storyteller. He’s an ideal choice to direct the new Star Wars film and the legacy couldn’t be in better hands.”

As for Abrams’ plans for “Episode VII”?

“You know, obviously, it’s so early,” he replied. “I can just say what I want to do: I want to do the fans proud. I want to make sure the story is something that touches people. And we’re just getting started. I’m very excited.”

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Brain Aging Linked to Sleep-Related Memory Decline

Scientists have known for decades that the ability to remember newly learned information declines with age, but it was not clear why. A new study may provide part of the answer.

The report, posted online on Sunday by the journal Nature Neuroscience, suggests that structural brain changes occurring naturally over time interfere with sleep quality, which in turn blunts the ability to store memories for the long term.

Previous research had found that the prefrontal cortex, the brain region behind the forehead, tends to lose volume with age, and that part of this region helps sustain quality sleep, which is critical to consolidating new memories. But the new experiment, led by researchers at the University of California, Berkeley, is the first to directly link structural changes with sleep-related memory problems.

The findings suggest that one way to slow memory decline in aging adults is to improve sleep, specifically the so-called slow-wave phase, which constitutes about a quarter of a normal night’s slumber.

Doctors cannot reverse structural changes that occur with age any more than they can turn back time. But at least two groups are experimenting with electrical stimulation as a way to improve deep sleep in older people. By placing electrodes on the scalp, scientists can run a low current across the prefrontal area, essentially mimicking the shape of clean, high-quality slow waves.

The result: improved memory, at least in some studies. “There are also a number of other ways you can improve sleep, including exercise,” said Ken Paller, a professor of psychology and the director of the cognitive neuroscience program at Northwestern University, who was not involved in the research.

Dr. Paller said that a whole array of changes occurred across the brain during aging and that sleep was only one factor affecting memory function.

But Dr. Paller said the study told “a convincing story, I think: that atrophy is related to slow-wave sleep, which we know is related to memory performance. So it’s a contributing factor.”

In the study, the research team took brain images from 19 people of retirement age and from 18 people in their early 20s. It found that a brain area called the medial prefrontal cortex, roughly behind the middle of the forehead, was about one-third smaller on average in the older group than in the younger one — a difference due to natural atrophy over time, previous research suggests.

Before bedtime, the team had the two groups study a long list of words paired with nonsense syllables, like “action-siblis” and “arm-reconver.” The team used the nonwords because one type of memory that declines with age is for new, previously unseen information.

After training on the pairs for half an hour or so, the participants took a test on some of them. The young group outscored the older group by about 25 percent.

Then everyone went to bed — and bigger differences emerged. For one, the older group got only about a quarter of the amount of high-quality slow-wave sleep that the younger group did, as measured by the shape and consistency of electrical waves on an electroencephalogram machine, or EEG. It is thought that the brain moves memories from temporary to longer-term storage during this deep sleep.

On a second test, given in the morning, the younger group outscored the older group by about 55 percent. The estimated amount of atrophy in each person roughly predicted the difference between his or her evening and morning scores, the study found. Even seniors who were very sharp at night showed declines after sleeping.

“The analysis showed that the differences were due not to changes in capacity for memories, but to differences in sleep quality,” said Bryce A. Mander, a postdoctoral fellow at Berkeley and the lead author of the study. His co-authors included researchers from the California Pacific Medical Center in San Francisco; the University of California, San Diego; and the Lawrence Berkeley National Laboratory.

The findings do not imply that medial prefrontal atrophy is the only age-related change causing memory problems, said Matthew P. Walker, a professor of psychology and neuroscience at Berkeley and a co-author of the study.

“Essentially, with age, you lose tissue in this prefrontal area,” Dr. Walker said. “You get less quality deep sleep, and have less opportunity to consolidate new memories.”

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2012 stock report: Pains and gains

If you invested heavily in Illinois companies that provide consulting services, you had little reason to celebrate in 2012.

While the Standard & Poor's 500 index ended the year up 13 percent, most large businesses in the region that counsel other companies on how to improve their operations saw their stock prices drop.

Business support services was one of the few sectors getting clobbered in a 2012 Tribune ranking of Illinois and northwest Indiana stocks' performance.

Stock prices gained at about 70 percent of the 127 companies on the list, and about half outperformed the S&P 500. Bank owners such as Taylor Capital Group emerged from their 2011 doldrums, and Ulta Salon Cosmetics & Fragrance Inc. and Discover Financial Services marked their second consecutive year of soaring stock prices.

The year's biggest decliner, down 76 percent, was Groupon, as once-torrid revenue growth at the daily deals offerer started slowing.

Career Education was the second-worst performer; its stock fell 56 percent. The highly scrutinized for-profit school chain said it would close campuses and cut jobs amid sinking revenue and financial losses.

Sectors boosted by broad gains in 2012 included electrical parts and equipment, industrial machinery, and specialty chemicals.

Of seven Illinois banks on the list, all but one outperformed the S&P 500, with price appreciation of those six ranging from 16 to 86 percent.

In contrast, stocks of four of five professional services firms — Navigant Consulting, Huron Consulting Group, Heidrick & Struggles International and R.R. Donnelley & Sons — closed down 2 to 38 percent.

Each had its own set of issues.

Navigant's services, for example, include advising companies that face disputes, litigation and investigations, including government probes, as well as businesses that need help valuing potential mergers and acquisitions.

"You see fewer government investigations during an election year, as regulators are leaving their jobs, and they don't want to start new ones," said Tobey Sommer, a SunTrust Robinson Humphrey analyst. "Also, worries about the 'fiscal cliff' slowed M&A because CEOs didn't want to look foolish acquiring a company in September ahead of the fiscal cliff when they might have been able to buy it for 20 percent less in January had we gone off."

Meanwhile, Heidrick's troubles included a slowing market for executive searches. In early 2012, analysts expected Heidrick's annual earnings to be in the range of about $1.30 per share. It appears that it will earn closer to 57 cents a share.

Huron's earnings estimates during 2012 were also trimmed, to about $2.10 from about $2.40 a share as the timing of fee payments to its health care consulting business proved volatile.

"Its underlying demand is strong," but an increasing number of clients had signed contracts where a larger portion of revenue was contingent on the outcome of Huron's consulting work, said Randle Reece, analyst with Avondale Partners LLC. That made it harder for the company and the analysts who cover it to predict the timing of revenues, since they are deferred.

For investors interested in "Dumpster diving," Morningstar Inc. considers Exelon, WMS Industries and Caterpillar to be high quality yet undervalued this year, said Heather Brilliant, chief equities strategist.

Navigant is among the region's beaten-down stocks liked by stock research firm EVA Dimensions LLC. "Its fundamentals are improving, and it's really cheap," said EVA analyst Andrew Zamfotis.

Best of the best

Here are the top three stock gainers of 2012:

Read More..