'Punch in the gut': Homes sales fall to their lowest in 16 years

Existing home sales took another dive in October, marking a significant 8.8% drop from the previous year, hitting their lowest point in 16 years. This steep decline is a major blow to the housing market, likely influenced by rising mortgage rates and economic uncertainty. As homebuyers face higher borrowing costs, the market's slowdown could have broader implications for economic growth and consumer spending. This downturn underscores the fragility of the housing sector amidst broader economic challenges.