The leaves, bark, and flower buds all look right for Prunus serotina, black cherry, or it could be Prunus virginiana, choke cherry.

Guessing here--the picture is rather small-- but based on your zone I 'd say Arbutus unedo, the Strawberry Tree. Fruits are edible, but rather mealy tasting. Think famine food ;-) Here is a link that might be useful: Strawberry Tree, Arbutus unedo

>>can you rule out lichens? >>all i see in the second pic.. is shaded out under >>branches losing needles.. and that is normal ... Re lichens, there is nothing green growing on the tree. I posted the second pic to show how the branches are dropping downwards in comparision to a healthy tree in the background. >>Sure it's not sap leaking from a wound or two. Farther up the trunk I see traces of it trailing down.. It all puddles at the base of the trunk. When it runs down the trunk and dries it becomes white/gray in color. Take a real close up of that area with your camera settings on macro and get back with us. Sap is leaking from top to bottom. it is "coagulating" at the bottom forming big agglomerates. However I can also see white type of powder (not sap grey like) covering tree exposed roots and the very bottom of the trunk. I will do a macro pic next weekend when I get to the location again. However I can post a zoomed part taken from the first photo showing more details hoping it will help till then. THANKS!

Interiorinspirations, you are right, your plant is Magnolia figo aka Banana Shrub or Port Wine Shrub. It is not Magnolia soulangeana (sp) which is a deciduous Spring bloomer and bears little resemblance to your tree.