I'm no expert, but I seem to recall that there was a bit of a baby boom in the late 70s that petered out afterwards. Meaning that a majority of that age cohort are approaching the age when they're not going to be able to get a 30-year mortgage, or at least, not the traditional kind, where the banks expect you to still be working during the last years of the mortgage.
NAMA, the banks and the developers still have hundreds of thousands of empties to find buyers for, and they would appear to be squandering their chances of getting them sold while the window of opportunity remains open.
This would appear to bolster the bearish case on housing: that this apparent pause in the fall in house prices is not going to be permanent.
Remember, the grim reaper will ensure that there is a steady year-on-year addition to the ranks of unoccupied houses, even in supposedly tight markets like Dublin. And emigration will be doing a number on the ambition of the banks to convince those born in the 80s and 90s to shackle themselves to bricks and mortar for the majority of their working lives.
Not just that, there's even a slim possibility that some of those younger people might actually realise that, in an economic system which has served up a brutal depression which has lasted the best part of a decade, chaining yourself to an immovable asset is perhaps not the most sensible plan in the world.