The real reason I went out observing today was to look at the fungus (or whatever it is) on some trees.

The primary reason I was out there. I left off a bit over a year ago checking in to this stuff. It's growing on a LOT of saplings in that area - a FEMA designated flood plain around the creek. I think it's a fungus ... but it could be some kind of tree mite, or some other bug. I just don't know.