Tuesday P.M. Report

Twin Cities home prices rise 2.5 percent: Home prices in the Twin Cities metro area rose 2.5 percent from May to June, according to the Standard & Poor’s/Case-Shiller index report released today. Minneapolis/St. Paul, Chicago and Detroit tied for first place in home-price gains in the report, which ranks the 20 largest metro areas nationwide. Despite the recent increases, housing prices may suffer again with the recent expiration of the homebuyers’ tax credit. The most recent Case-Shiller Index report still reflects the benefits of that credit, which expired on June 30. Read full story

Minnesota banks show slight Q2 improvement: Minnesota banks showed a slight year-over-year improvement in the second quarter, according to aggregate data released today by the U.S. Federal Deposit Insurance Corp. The 406 financial institutions reporting in the state saw a combined net income of $122 million in the quarter ended June 30, up from $83 million in the same quarter a year ago. The results were less than half the $321 million profit Minnesota banks saw in the second quarter of 2008. Read full story

Minneapolis may get new wireless broadband player: LightSquared, a high-speed wireless broadband startup backed by hedge fund Harbinger Capital, expects to expand its network into Minneapolis next year. The company announced in July that it would debut its 4G wireless system in Baltimore, Denver, Phoenix and Las Vegas beginning next year. Bloomberg reported today that the company also plans to enter the Chicago and Minneapolis markets in 2011. Tom Surface, a spokesman for LightSquared, confirmed that the company expects to begin building out a network in Minneapolis in the second half of next year. Read full story

North Hennepin Community College launches entrepreneurship program: North Hennepin Community College is launching an entrepreneurship program with a focus on minority-owned businesses beginning Oct. 7. The Brooklyn Park-based school’s new offering, dubbed Entrepreneurship: Communities of Color, will “focus in on the removal of cultural barriers to entrepreneur success,” according to a press statement. Students will take courses for 13 weeks in order to earn a certificate. Read full story

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