The ratio of home prices to the cost of renting is still high, though it is down substantially from where it was a few years ago.

From Calculated Risk.

Home prices are down over 20% from the peak.   This chart would imply either home prices have to fall another 10% or rents would have to rise by a corresponding amount. 

Regardless, though there is some more to go on the downside, we are closer to the end of the decline in home prices than the beginning.