Homebuyers eyeing a housing market plunge continue to run up against bad news. Interest rates are climbing at levels not seen in a generation — which in turn has impacted mortgage rates.

Yet that’s created a fascinating tilt towards a buyer’s market. Homebuilders expect weaker housing conditions won’t rebound until 2024, according to a National Association of Home Builders/Wells Fargo Housing Market Index report. It’s the lowest level the NAHB has seen since 2012, discounting the plunge during the 2020 pandemic.

The sales price slump in the U.S. marked its ninth consecutive month in October, according to the NAR. It’s the worst tailspin since mid-2012 when the subprime mortgage market collapsed.

Weighing those two phenomena — mortgage rates and home prices — 2022 could actually be the best time to jump into the housing market. Here’s why.

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