Housing market chills as mortgage rates, prices scare buyers

Kyle Tomcak sits in front of his house in Aurora, Colo., on Monday. Tomcak was in the market for a home priced around $450,000 for his in-laws and he and his wife bid on every house they toured, regardless of whether they fell in love with the home. He said his search became increasingly dispiriting as he not only lost out to investors fronting cash offers $100,000 over asking price but as mortgage rates started to balloon. He has since pulled out of the housing search. (AP Photo/Thomas Peipert)

NEW YORK — Kyle Tomcak was looking for a home for his in-laws in the suburbs around Denver, something priced close to $450,000.