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Talk of the bay: This just in: Home price gain outpaced income

By Times Staff
Published September 12, 2007

The Associated Press just analyzed new Census data and came to a conclusion most Floridians have realized for months, if not longer, about the slumping housing market. "Since 1990, homeowners have faced a growing gap between their incomes and the price of their homes," the AP analysis states. Really? That theme seems to have appeared in newspapers and been told on TV and radio in Florida every day for months. Here's one tidbit the new Census data did offer: Between 1990 and 2006, the median home value in Florida rose from $76,500 to $230,600, or 201 percent. Only two other states - Nevada and Oregon - and the District of Columbia had greater increases in median home values in that period, AP said.

States united by insurance dilemma

In yet another signal that the property insurance crisis is more than a Florida problem, Kevin McCarty, Florida's insurance commissioner, and Walter Bell, Alabama's insurance commissioner, will cohost a public hearing Sept. 24 in Mobile, Ala., to discuss issues of affordability and availability of insurance in coastal areas of the Southeast. State legislators, members of Congress, and representatives of rating agencies, insurers and reinsurers also have been invited. Several Southeastern states, including Florida, are considering pooling their resources to provide affordable windstorm insurance.

Here comes the bridal partnership

In an unusual marketing partnership between rival retailers, J.C. Penney Co. Inc. and David's Bridal are teaming up to share access to the about-to-be-married crowd. The deal includes links between JCPenney and David's Bridal online and in-store wedding gift registries. The agreement includes a series of cross-promotional wedding-planning events, discounts and special offers. "This enhances our gift registry experience and provides for more one-stop shopping," said Bob Huth, president of David's Bridal, which sells gowns to almost one-third of all brides in the United States. David's Bridal was acquired by Macy's Inc. as part of its acquisition of May Department Stores Inc. But Macy's subsequently cast David's off on its own in 2006.

[Last modified September 11, 2007, 22:34:13]