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As low as interest rates are right now its cheaper to buy compared to renting. Here in Denver a $200,000 house with 10% down you're looking at about a $1000 a month payment with taxes and insurance. To rent that same home would be anywhere from $1500 to $1700 a month.
The rental market has boomed with all these foreclosures as people can't qualify to buy a house. Slowly those people are becoming in the position to be back in the market and this will drive demand and prices will rise, its starting to happen now and I think we are at the beginning of another housing boom.
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