| Volume 143 Number 97 |
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The People’s Lawyer’s Tip of the Day
If you don’t usually file a tax return, or didn’t file a return for 2018 or 2019, you might not know you could qualify for an economic impact payment. You might be one of the nine million people getting a letter from the IRS letting you know how to register on their website to claim your payment. Click here for more.
Why Older Citizens are More Likely to Vote
Elections are decided by the people who show up at the polls. In the United States, the oldest citizens are the most likely to cast their ballots, which gives them political clout beyond their numbers alone.
Some 64% of citizens age 65 and older voted in the November 2018 election, the best turnout of any age group. More than half of those ages 45 to 64 also cast a ballot. People under age 45 are much less likely to vote. Just 37% of 25- to 34-year-olds made it to the polls in November 2018. And not even a third of the youngest citizens – ages 18 to 24 – entered a voting booth in 2018.
The voter turnout by age in 2018 was: Click here for more.
Your Money
Real estate industry experts are still learning how the coronavirus (COVID-19) has affected the housing market and identifying trends that may last for a while. For one thing, homes are a lot more expensive than they were before the pandemic, but not everywhere. The median home price in September surged by a record 15 percent, to $320,625, according to a report from real estate broker Redfin. More than a third of that increase has occurred since early July. In August, pending home sales were up 26 percent year-over-year, and homes sold almost as fast as they could be listed. More than 45 percent of homes that went under contract had an accepted offer within the first two weeks on the market, a trend that has held relatively steady for the last 17 weeks. Housing experts are in general agreement that the effects of the pandemic are driving sales and pushing up prices. With people spending so much time at home, there is increasing demand for homes with more indoor and outdoor space. Click here for more.
For the Lawyers
California enacts consumer financial protection legislation and establishes the Department of Financial Protection and Innovation. California Governor Gavin Newsom signed into law a triad of consumer financial services legislation: AB 1864 (establishing the Department of Financial Protection and Innovation), AB 376 (establishing a Student Borrower Bill of Rights), and SB 908 (establishing a licensing law that regulate debt collectors). This new legislation and the creation of California’s new financial services regulator will greatly expand the regulatory burden and scrutiny on consumer financial services providers in California. For information and details of the new laws, Click here for more.