Are you renting right now?
If you are, has your landlord informed you that your rent will be increasing? How many times have you experienced a rent increase in the last two years? If you like to move from one location to another after a year, has it been easy to find the perfect rental?
With the larger number of foreclosed properties coming on the market, I have to assume that most of these former homeowners have to live somewhere; they just aren't vanishing into thin air. They are moving ino rental units. I am not sure what the vacancy rate is right now in the Indy area, but it has to be lower than it was a few years ago. As supply diminishes and demand increases, rents will increase.
If you are going to be staying put in this area and you have decent credit, for crying out loud, buy a home. Prices have decreased somewhat, interest rates are fantastic and inventories are high. You can have your pick of the bunch. Many sellers, especially banks, are willing to deal right now.
I think that we are at or very near the end of our local "bubble bust". If you wait much longer to buy, prices are going to start appreciating again and you will never realize the savings you can right now.
Think about buying a home next time your landlord tells you your rent is increasing $50 per month.