Zimran has an interesting but brief analysis of the housing market in Boston. The linked article has more, including this nugget:
… shortly after 2010, housing prices in most currently hot markets are going to fall off a cliff, as boomers downsize.
I don’t expect that to happen here in Ireland at least. Has it happened already? What about the boomers of the 60s here in Ireland? They’re all living in bigger houses now!