Amends the Code of Civil Procedure. Provides that every individual is entitled to an estate of homestead to the extent in value of $30,000 of his or her interest in a farm or lot of land and buildings thereon, a condominium, or personal property, owned or rightly possessed by lease or otherwise and occupied by him or her as a residence, or in a cooperative that owns property that the individual uses as a residence, or $60,000 if the homestead is owned by 2 or more individuals. Makes conforming changes.