Dent's confidence, as always, is based upon a simple demographic fact: The baby boomers born between 1946 and 1961 are hitting their peak spending years in a rolling wave ending around 2010.

FORBES: Magazine Article

We used a simple 46-year lag for the peak in spending of the average household, what we call The Spending Wave (which we covered in a past blog).

FORBES: Demographics To Blame For Inescapable Deflation

The strong sales in the Manhattan market occurred as housing markets around the country also have shown signs of recovery, after a long wave of foreclosures, with prices still nearly 30% below their peak nationally.

WSJ: Manhattan Sales Continue to Climb