Ok I could start this post with a cheap play on the word anal-yst, but I won't. How many RE analysts forecast the sudden drop in demand and the free-fall in RE that took place late 2008? None. They mostly called for slowly rising prices.
What about the huge rebound since 2009?
Nope. Most called for a gradual stabilization or slowly rising prices again.
None of them called it. Why? Because there are sooo many variables, some of which we can guess at, most of which we cannot.
Larry Yatter has pulled a quote from Cameron Muir, the BCREA Economist, which is below.