Homeowners point of veiw

Have you ever looked at the housing market from a Homeowners point of view? Why should the Homeowner stick it out in a falling market?  A Homeowner  can most likely rent a similar property for a lot less then  what they are paying now and still stay in same area with out disrupting their families lives.
A Homeowner who Short sales now will be a head of the Homeowner who chose to stick it out.