DID YOU KNOW? Residents of most U.S. states get a homestead exemption protecting some of their home equity from creditors. In California, for example, most people have a cap of $75,000, while in Virginia, the cap is $5,000. Florida, Texas, Kansas, Iowa, Oklahoma and South Dakota have zero limit. In these states, buying an expensive property and claiming the homestead exemption has some of the perks of stashing your money in an offshore account - protection from creditors and lawsuits - without having to transfer money overseas. In both Florida and Texas, debtors need to actually move into the property and show that they want to make it their permanent residence – by changing their voter registration, for example – to get the exemption. But they do not need to have lived in it for long. (The Real Deal)
DID YOU KNOW? The roller-coaster turbulence in the equity markets is un-nerving many investors. Most of our clients are investors in some way, so be wary of their stress, anxiety, and concerns. Sometimes the best advice is to let them breathe through this all and see where things land. Applying pressure at times like this often only leads to push-back and defiance. Whoever wants to admit they are a little scared....even if it's not entirely warranted in an economy with solid fundamentals?
DID YOU KNOW? Sales of new US homes dipped 5.5% - the 4th consecutive month - and inventories swelled to a 7.1 months’ supply, the highest level since March 2011. Purchases of newly built single-family homes fell to a seasonally adjusted annual rate of 553,000 in September. Median sales prices fell 3.5% in September. (Commerce Department)