I don't know if I believe in the market as much as I do in the little people and what they do to affect it. There are a large number of factors at work in influencing the economy right now. In particular, I can think of several trends and stories that have circulated.
1) Global warming has got a lot of people reconsidering where they want to live.
2) Last year at this time the story broke that there was going to be a food crisis. Again, this would make it more urgent for people to move closer to food supplies.
3) Gas prices in the USA made it even more desperate for people to get out while they could.
I'm pretty sure that this is what happened in the hardest hit US housing markets. A panic ensued based upon drastically changing market conditions.
But I think that what the economy is doing is affected more by the Little Guy than the Big Guys. At the same time, it's all a global economy.
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7 years ago