Wednesday, August 3, 2011

Foreclosures still coming

rate of homes that have reached the point of foreclosure has dipped. That is factually correct. However, the percentages of homeowners who ultimately have defaulted or will default to the lender are not reflected in the current local and national statistics.

There is a backlog of foreclosed properties that has not yet been released by the banks to the resale market. Banks learned plenty about what a deluge of previously foreclosed properties can do to prices through the first few years of this housing crisis. An open spigot with regard to foreclosure inventory pushes down the price of every home on the market. It hurts everyone.

Institutions holding foreclosed homes almost certainly will monitor the release of properties more closely in the months – and perhaps years – to come. Although lenders are holding foreclosed properties longer, they cannot keep them forever.

The housing crisis hasn’t ended, and doesn’t appear destined to end anytime soon. Some analysts suggest that Americans may not be on the other side of the foreclosure tidal wave until 2014.

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Candlewick Voice still seeks vote on incorporation

Wednesday, 03 August 2011 14:12 Bob Balgemann

Candlewick Voice has a “very detailed plan” for the future, he said, but “we can’t talk about it right now. It could be a process that takes another year.”

Corso said state legislators were approached about changing the law through a local bill. “We were told they would look into it when we show them a large showing of support for incorporation,” he said.

The General Assembly a number of years ago approved a local bill that allowed the incorporated community of Trout Valley to avoid needing permission from the nearby village of Cary, near Crystal Lake, to incorporate. And Trout Valley voters ultimately approved it becoming a village.

Many details in this article and a good history of the issue and its legal ramifications.

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F-16s intercept Barrington plane as Obama arrives in town

thumbnail[7]A plane flying out of Barrington was intercepted by two F-16 fighter jets early Wednesday night after the plane entered restricted airspace, which was temporarily put in place for President Obama’s visit to Chicago.

The jets were scrambled by the North American Aerospace Defense Command at 5:34 p.m. after a Kitfox Model 2 flew into temporarily restricted airspace, said NORAD spokesman Lt. Michael Humphreys.

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Belvidere Township, YMCA partnering to benefit youth

Following is from:

Wednesday, 03 August 2011 14:18 Bob Balgemann


BELVIDERE – Boone County youngsters are expected to benefit through Belvidere Township’s plan to buy the Eagle’s Club building on Locust Avenue in downtown Belvidere.

A town meeting has been called for 6 p.m. Friday (Aug. 5) at the township office, 8200 Fairgrounds Road, so the township’s electorate can approve buying the 7,000-square-foot building for $150,000.

Programs would be run by the Belvidere YMCA, which board President John Kaufield said has been trying to expand for a number of years. He added that staff is excited about the potential and already has come up with different types of activities that could be offered at the building.

He called it “a great opportunity. This came along at a great time.”

Township Trustee Bill Robertson said the township always has been supportive of young people and its budget has a line item with money that can be used to benefit the community.

“We need more space for youth programs and the proximity (of the building) to the Y is good,” he said. “We need to keep our youth off the streets.”

He said the board wasn’t certain how much good the acquisition would do. “We want to try,” he said. “The Y is maxed out of space. This would allow us to reach more people.”

Township Supervisor Pat Murphy sees it as a win-win for the entire community. In addition to providing more space for youth programming, he said the building could complement what is being offered at the Belvidere Community Center and at the Keen-Age Center. But the big benefactor should be the young people of Boone County.

He said he didn’t think a lot of renovating would be necessary. “It’s well built,” he said. “It’s been referred to as a bomb shelter. I hope they (YMCA) can begin using it fairly quickly.”

“This is an opportunity you don’t get very often,” he added. “There is a lot of potential not only for youth but for the entire community.”

The YMCA board of directors has endorsed the concept, Murphy said, and the Eagle’s Club ownership has accepted the township’s offer of $150,000.



Food for Thought: Yesterday’s Cryptoquote

This is from the Rockford Register Star’s Cryptoquote from August 1, 2011.


“It is amazing how complete is the delusion that beauty is goodness”


Leo Tolstoy