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Homes sales fall to 16-year low

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U.S. home sales dropped to a 16-year low in October.

Existing home sales were 3.75 million, an 8.8% drop from a year earlier.

"It was a punch in the gut," said Joel Berner, senior economist at Realtor.com, according to NPR. "We expected to see a soft month but not the softest month since 2010."

Read more from NPR.

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