As a Realtor in Idaho, I fully agree with these comments and see an adjustment period extending into '07.
I'm living in my 3900 sq ft 3 br 2 1/2 BA on 1/3 acre house in the Pocatello area. Free and clear. Just annual property taxes. In Feb 2005 I took a $9300 state and federal tax refund and used that a total cash out of pocket to purchase a 2068 sq ft home 2 BR, 1 BA on 1/4 acre for $82,900. I'm in no hurry to rent it. The tax and interest comes off my income tax and principal is going into equity. It's a 30 year loan at 5% fixed. I did that to keep the monthly payment low relative to fair market rental values. It takes about 2 hours every Sunday to mow the lawns.