Here are the 5 reasons from a Time Magazine article, "5 Reasons Why It Could be the Opportunity of a Lifetime to Buy a House", but the article goes into detail regarding each of the points and is well worth reading:
“But for people who can afford to buy a home and expect to stay in it for at least a decade, there’s a compelling argument that the current housing market offers an exceptional opportunity. Consider these five factors:
Buying a home right now is cheaper than renting.
The mortgage interest deduction is unlikely to be eliminated.
Home prices are very cheap but appear to be past a bottom.
Eventual economic recovery will almost certainly boost housing prices.
A substantial amount of inflation seems likely at some point.”
The full article is here:http://business.time.com/2012/09/18/five-reasons-why-it-could-be-the-opportunity-of-a-lifetime-to-buy-a-house/