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Annie Baxter
St. Paul, Minn.

Home prices up nearly 2 percent in the Twin Cities

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The closely watched Standard & Poor's Case-Shiller home price index shows that Twin Cities home prices in January were up nearly 2 percent compared to the year before.

By contrast, the Case-Shiller 20-city composite index was down 0.7 percent over the same period.

David Blitzer of Standard & Poor's says Twin Cities home prices reached a bottom earlier than in some other markets and its rebound now beats all but one other city in the Case-Shiller Index.

"Relative to a lot of the other cities, Minneapolis seems to be doing reasonably well," he said. "Prices are up almost 13 percent from their low point, which was back in April of 2009, which is, I think, very encouraging."

Blitzer says the national home price numbers in January look better than some other recent data on housing starts and sales, but a robust recovery in home prices has not yet occurred.

Case-Shiller compares recent sale prices with earlier sales prices on the same homes.