Since the OS X Lion update, the user Library is hidden. I always forget this until I am looking for my iPhone backups which are stored in the hidden user library. To unhide them perform the following.
Step By Step Written Instructions:
1. Open Finder
2. Press and Hold Option Key.
3. On the Menu Bar click Go.
4. Choose Library
Watch the Video Here:
FYI:
iPhone backups are stored in the user library (hidden) here: ~/Library/Application Support/MobileSync/Backup
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