Homebuyers getting priced out in cities across U.S.



By Les Christie  @CNNMoney April 3, 2014: 10:06 AM ETNEW YORK (CNNMoney)

In big cities across the country, home buyers are growing increasingly frustrated as rising home prices and stiff competition shut them out of the market.

In cities like Las Vegas, San Francisco, San Diego, prices have climbed by as much as 20% or more in the past year, well above the national average of 13%, according to Case Shiller.

Plus mortgage rates are up by nearly a point to 4.3%, so borrowers today are paying 25% more than they would have a year ago.

Even those who have no problem affording a home on their own are having a hard time closing the deal.

Helen Cittadino bid $600,000 in cash on an 890 square-foot two-bedroom condo in Palo Alto, Calif. — a $20,000 premium to the seller’s $580,000 listing price. And she was still outmatched by a higher all-cash offer.

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