FDIC: Gap is high between home prices, incomes

FDIC: Gap is high between home prices, incomes: "SOUTH FLORIDA -- June 29, 2005 -- The gap between home prices and income has reached a record level in Miami-Dade County, according to a study released Tuesday by the Federal Deposit Insurance Corp.

As increases in home prices far outpace gains in income, 'Affordability may be emerging as an issue not only for lower-income households but also for more affluent, white-collar buyers,' the agency warned.

Underlining how South Florida's real estate boom is pricing many buyers out of the market, the price of a home in Miami-Dade is now more than six times income levels -- a record for the region. Home prices statewide jumped to 4.4 times income levels in 2004, higher than the national average of 4.1, the FDIC said."