Taste of Oceanside 5-Course Challenge
TASTE OF OCEANSIDE 5-COURSE CHALLENGE Monday, October 3-16, 2022 Oceanside, California Register EAT LOCAL IN OCTOBER & WIN NOW LIVE! Take our new mobile challenge to eat local in October! Register and download our scavenger hunt mobile app. Then dine at your own pace at participating Downtown Oceanside restaurants, coffee shops, breweries and tasting rooms from Monday, Oct. 3, through Sunday, Oct. 16. Enjoy five courses — a cocktail, appetizer, main course, dessert and coffee or tea — at five Downtown Oceanside restaurants for a chance to win one of three culinary-themed local experiences and prizes below. Eat local and win! PARTICIPATE IN THREE EASY STEPS: 1. REGISTER Choose a GooseChase user name and register with us here. You must be registered to be eligible for our prize giveaways. 2. DOWNLOAD Download the GooseChase app. Then search for or enter Game Code GD5K7D to join the Taste of Oceanside 5-Course Challenge, which is now live. 3. SHOP, EAT & PLAY From October 3-16, dine at the restaurants and bars participating in the Taste of Oceanside 5-Course Challenge. Snap selfies or video of your food — or you and your food — to document each course you try. You must complete all five courses to be entered into our giveaways. One course per restaurant, per giveaway entry. One entry = 5 courses at 5 different restaurants. Share photos or video to Instagram with the hashtag #tasteofoceanside. GRAND PRIZES A FOUR PACK OF 2023 VIP TICKETS Enjoy four tickets to the 2023 Taste of Oceanside VIP Experience. VIP tickets include admission to the Taste of Oceanside VIP Party and food and beverage combo admission to Taste of Oceanside next year. ART AFTER DARK EXPERIENCE Receive two 2022 tickets to Art After Dark: Metamorphosis at Oceanside Museum of Art on Saturday, Oct. 29, 2022, from 7-10 p.m. along with a $25 gift card to the Downtown restaurant or bar of your choice for appetizers or drinks before the event. The winner will also receive two guest passes and two kid passes to the museum. A NIGHT OUT IN DOWNTOWN OCEANSIDE Your next courses are on us! Receive a $100 gift card to treat yourself and a fellow foodie to a night out Downtown at the participating restaurant ofyour choice. Use toward any courses you'd like — cocktail, appetizer, main course, dessert and coffee or tea! HOW TO SHARE YOUR IMAGES DIRECTLY FROM THE GAME Be sure to use the hashtag #FIVECOURSECHALLENGE so we can see your post.
These 2 maps show the U.S home price correction is sharper—and more widespread—than previously thought
BYLANCE LAMBERT September 27, 2022 at 11:52 PM PDT The Pandemic Housing Boom saw U.S. home prices soar 42%. Heading forward, some of those gains will get erased On Tuesday, the going home price correction finally showed up in the Case-Shiller U.S. National Home Price Index, as the reading for July came in 0.24% below its June reading. That marks the first month-over-month decline in home prices since 2012. While this is a small numerical drop in the Case-Shiller Index, it’s still a clear indication of a trajectory shift. The decline is also bigger than it first appears, because the Case-Shiller Index is a lagged three-month average. That means the price drop in July was sharp enough to wipe out all gains in May and June. It’ll take months for a resale index like the Case-Shiller—the industry’s gold standard for measuring residential real estate prices—to tabulate the actual home price declines that agents and builders alike are witnessing across the nation. To better understand the ongoing home price correction, let’s take a look at the more up-to-the-minute home value indices calculated by Zillow and John Burns Real Estate Consulting. While we wait on the Case-Shiller Index to catch up, these indices give us a good idea of what happened to regional home prices through the end of August. Among the 148 major housing markets (see chart above) tracked by John Burns Real Estate Consulting, 98 markets have seen home values fall from their 2022 peaks. In 11 markets, the Burns Home Value Index* has already dropped by more than 5%. Historically speaking, U.S. home prices usually only fall significantly once supply gets high enough that distressed sellers finally cave. In this housing cycle, we're seeing neither a supply glut nor a flood of distressed sellers, but we're still seeing home prices begin to slide down. "Our view is that you will see—and we’re seeing it right now—home prices will fall even though supply levels are not ripping higher,” Rick Palacios Jr., head of research at John Burns Real Estate Consulting, tells Fortune. Why are prices falling? It boils down to pressurized affordability. The combination of spiked mortgage rates—which just hit 7%—and frothy home prices have pushed new monthly payments far beyond what many buyers can afford to pay. Other borrowers—who must stay below a certain debt-to-income ratio—have lost their mortgage eligibility altogether. Among the nation's 150 largest housing markets (see chart above) tracked by Zillow, 89 markets have seen home values fall from their 2022 peaks. In 10 markets, the Zillow Home Value Index has already dropped by more than 5%. The housing markets seeing the sharpest home price corrections are in one of two camps: Either "NASDAQ" or "frothy." The so-called "NASDAQ" group are high-cost tech hubs like San Jose (down 9% from its 2022 peak), San Francisco (down 7.8%), and Seattle (down 6.2%). Not only are their luxury homes more rate-sensitive, but so are their tech sectors. Just look at all the 2022 startup layoffs. The second group are frothy markets like Austin (down 7.4%), Boise (down 5.3%), and Phoenix (down 4.4%). The WFH boom saw those markers get detached from underlying fundamentals. According to Moody's Analytics, those three markets in particular are priced at least 50% above what local incomes would've historically supported. That explains why frothy markets, like Austin and Boise, were among the first to see falling home prices. The big-picture takeaway: This month we learned that the U.S. home price correction is sharper—and more widespread—than previously thought.
Home prices see biggest drop in 9 years, Thanks to higher mortgage rates
Both home prices and the pace of home sales are falling nationally as higher mortgage rates cool off the market. Higher mortgage rates are throwing a bucket of ice-water on the super-heated housing market. Home prices in August were down about 6% from their peak in June, the biggest 2-month drop in prices in nearly a decade. The pace of home sales slowed for the 7th straight month. "The housing market certainly reacts to the monetary policy change," says Lawrence Yun, the chief economist for the National Association of Realtors which just released the new existing home sales numbers. The Federal Reserve has been raising interest rates to fight inflation. Mortgage rates anticipate future moves by the fed and bond markets more broadly, so they rose very sharply earlier this year — from around 3% to up above 6%. "That magnitude of the mortgage rate increase is one of the largest, quickest increases in such a short span of time," says Yun. He says the number of home sales each month is now down about 20 percent from a year ago. Don't call it a housing crash That's not to say we're in a housing crash. Just about all economists agree this is different than in 2008, when the bottom fell out of the housing market. Right now, the nation is in the midst of a severe housing shortage. For a decade following the 2008 crash, builders didn't build enough homes. Today homes are still getting snapped up by buyers and put under-agreement in near-record time — just 16 days on average. Home prices nationally are still up about 8% from a year ago according to the realtor's group. Low supply and strong demand should continue to buoy up prices. Also, Congress changed the rules for mortgages after the housing bubble when subprime lenders put millions of Americans into loans they couldn't afford. Today homebuyers have to demonstrate that they can afford their loans. Home prices probably will keep falling Home prices likely will continue to drop. That's because super-low interest rates combined with super-heated demand during the pandemic pushed prices up so dramatically so quickly — up about 30-40% in just the past 2 years. Mark Zandy with Moody's Analytics predicts home prices across the nation will fall about 10 percent from their peak. Areas that experienced the most dramatic price increases could see even bigger drops, he says. "The previously most juiced-up markets, like a Phoenix or Orlando, will see peak-to-trough declines of closer to 20%," Zandi estimates. That's if the country doesn't fall into a recession. Economists say it's quite possible that in its fight against inflation, the Federal Reserve could slow the economy so much that it does tip the country into recession. "If the economy suffers a recession," Zandi says, "national house prices will decline as much as 15% peak-to-trough, and close to 30% in the hardest hit markets." September 21, 20223:02 PM ET Heard on Morning Edition CHRIS ARNOLD NPR
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