Twin Cities home prices down in August: Twin Cities home prices and sales declined for the second consecutive month, according to the St. Paul Area Association of Realtors, with home sales in the metro area down 34 percent from last year. Home sales for August totaled 3,007. The two months of decline followed June, which had the highest sales number this year with 4,742 homes sold in the Twin Cities. Median prices, compared with August 2009, also fell 1.62 percent to $172,165. Read full story
1 in 6 Twin Cities banks flunk “Texas ratio” test: One out of six Twin Cities banks don’t have enough money on hand to cover all the troubled assets on their books, according to a Minneapolis/St. Paul Business Journal analysis of bank financial reports filed with regulators. The situation means that, while the worst appears to be over for the local banking industry, some institutions still need to either raise more capital or get rid of some shaky loans and foreclosed properties to stay viable. This conclusion is based on the Texas ratio, a calculation that banking experts find useful in measuring a financial institution’s strength. Read full story
General Mills in culture war over Yoplait brand: The French dairy company Sodima, which owns Yoplait yogurt brand, plans to terminate its relationship with Golden Valley-based General Mills in 2012, according to a regulatory filing made by General Mills Friday. General Mills is fighting back, saying it still has full rights to the license and that it will petition for arbitration with Sodima. Read full story
