"As the nation's housing market shows signs of
bottoming after years of declining prices, many first-time buyers such
as Dorado are getting a rude awakening. Instead of having their pick of
homes to buy in some markets, they're losing houses to cash buyers and
bidders with bigger down payments, or they're facing bidding wars
spurred by shrinking numbers of homes for sale.
competition can be most evident for lower-price homes in markets
hard-hit by foreclosure, such as Phoenix, Miami and parts of Southern California, or those with relatively strong economies, such as Washington, D.C., and San Francisco, Realtors say."