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Pricey home construction returns to Twin Cities suburb

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Signs of a recovering market for home construction are popping up in Woodbury with the pending approval of a development with high-end housing, the Star Tribune reports.

Plans for Autumn Ridge -- a new development of million-dollar homes -- are expected to be approved this week by the Woodbury City Council, the Star Tribune says.

The development will consist of 20 homes spread across more than 60 acres. Construction on the first of the custom-made homes is expected to begin in the spring.

The plans for Autumn Ridge come as the Twin Cities home market continues to bounce back.

The Minneapolis Association of Realtors said earlier this month that the momentum gained in late 2012 for home sales and prices continued into January.

Foreclosures in Minnesota, meanwhile, continue to drop.

Data released by the Minnesota Homeownership Center earlier this month indicated state foreclosure levels have dropped to their lowest levels since 2006.

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