Lot's of readers of this blog have flagged home affordability as an important ingredient of the housing slump. Here's new proof. It's a snippet about housing from a report released Tuesday by the Florida Chamber Foundation, a business research group:

Median home prices have surged 60 percent statewide since 2003, with even larger increases in key markets such as Miami. The median home now costs 6.4 times the average annual salary in the State, compared to a 4.6 ratio in 2003. Housing in Florida is now less affordable than it is nationally and increasingly out of reach for essential services workers and other middle-income earners in the State.