In Boston, my 60 yr old Magnolia leafed frugally and didn't bloom. It's still alive. Never had this problem.
Answers:
If you did not have a second tree of the same age, living under the same conditions, I would advise a couple of check points. However, my advice basically relates to age and conditions.
I think you need to call a tree doctor. Yes, I know that can be expensivem but so is removing the remains of dead magnolia trees of this age. If one tree is diseased, the other one might "catch" the tree flu.
Magnolias are the most magnicient of domestic trees. You do not want to lose them, so I would at least get a diagnosis.
I hope you have beautiful blooms next year!
Other answers:
get a tree fungicide to remove the fungus. it usually come in a spray form.
get a tree fungicide to remove the fungus. it usually come in a spray form.
I'd be worried that there aren't bugs. Get that tree professionally sprayed now. Get it some good fertilizer stakes and see if that doesn't bring it out.