The house price-to-rent ratio has been falling since 2008. From 2008 to Q2 2012, house prices have plunged deeply, while median rents have been more or less static, according to the U.S. Census Bureau.
A falling price-to-rent ratio is a signal that the market has good potential for recovery, in the long term.
http://www.nuwireinvestor.com/articles/us-real-estate-market-has-biggest-increase-since-2006-61646.aspx
Or that no one wants to buy.