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Economic Report:

Sales of new homes in the U.S. fell by 5.3 percent in October according to a Commerce Department report released on Wednesday. The drop puts home sales at their lowest level since 1991. The South and the West were hit the hardest with the south losing 6 percent of sales and the West losing 18 percent. The Midwest and the Northeast made gains. The Northeast saw a healthy increase of 22.6 percent while the Midwest was up 6 percent.