Twin Cities housing prices slip in Jan.by Martin Moylan, Minnesota Public Radio
St. Paul, Minn. — Twin Cities housing prices slipped in January, shows a closely-followed national index.
According to the Standard & Poor's/Case-Shiller National Home Price Index, home prices in the Twin Cities fell eight-tenths of a percent from December to January. Over the year, prices dropped 1.8 percent.
Home prices fell in January from December in 16 of the 19 cities tracked by the index. The decline reflects typical offseason sales.
The index compares the selling price of homes with the sales price when they were last on the market.
Critics of the index say it is heavily influenced by foreclosure and short sales, arguing that it does not fairly reflect the values of homes sold by owners who have stayed current on their mortgages.