There's very little debate over the fact that this is a "Buyer's" Market" right now. The thing is that this time around it's a little different than in past market cycles. There are plenty of homes to choose from, prices are low (still declining in many areas) and interest are as ever.
By all rights, there should be lots and lots of people buying houses right now.
There are buyers and they are buying houses but not at the pace that the market conditions should justify. Why not?
Here's a short video that may be helpful in understanding part of the reason.