According to the latest report from the U.S. Commerce Department, sales of new single-family homes were down in October.

"The drop in new home sales last month comes as no surprise, said National Association of Home Builders (NAHB) Chairman Sandy Dunn, a home builder from Point Pleasant, W. Va. "Housing starts in October and NAHB's most recent Housing Market Index, which gauges builder sentiment about the market, were at record lows. And the extreme turmoil in the financial markets in October definitely undermined consumer confidence and served as a drag on demand for housing."

The biggest regional decline was seen in the West -- down 18 percent.

This large figure doesn't accurately show that sales actually rose in the Northeast and Midwest.