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Tuesday A.M. Report

Twin Cities home prices rise in March; Beehive Botanicals says Web snafu led to FDA complaint; Survey: Best Buy a “best brand”; ResCap sells European assets

Twin Cities home prices rise in March: Home prices in the Twin Cities rose in March, with the median sale price jumping 7.1 percent compared to last year, according to reports from local real estate organizations. It’s the third consecutive month that sale prices were up year over year. Last month, the median sales price for a home in the Twin Cities totaled $165,000, up from $154,125 in March of last year. Read full story 

Beehive Botanicals says Web snafu led to FDA complaint: Beehive Botanicals Inc., which was raided last week by federal agents over the posting of online claims that the company’s bee-derived products could treat or prevent diseases, has issued a statement saying the incident was a misunderstanding over an out-of-date Web site. U.S. Marshals raided the Hayward, Wis.-based Beehive earlier this month, seizing products such as creams, gum and shampoos. The U.S. Food and Drug Administration said the company was claiming its products, made with bee-derived ingredients, could treat medical conditions. However, the FDA said those claims were unproven. Read full story

Survey: Best Buy a “best brand”: Small- and mid-sized businesses rank Best Buy Co. Inc.  among the nation’s top brands, according to a study from American City Business Journals. The Richfield-based electronics retailer ranked 15th among brands rated by executives at companies with less than 500 employees. That’s up from No. 36 in 2009. Read full story 

ResCap sells European assets: Residential Capital has sold its European businesses and mortgage assets to Fortress Investment Group, an asset management firm based in New York. The firm’s European businesses accounted for 10 percent of the its total assets as of the end of 2009. Richfield-based ResCap, the residential mortgage arm of GMAC Financial Services, has been hit particularly hard by the sub-prime lending crisis. Read full story