Contrary to popular belief, a lot of pundits were actually bearish on housing in 2005-2007. Given the enormity of the crash, it makes these predictions seem more prescient than they really were, but such predictions were hardly unique. A Google headline search from 2004-2007 shows many calls for a bubble or crash in housing. Also, the vast majority of pundit predictions are wrong (like all those predictions between 2009-present for the stock market to crash and or for a double dip recession). Being right once is hardly a reprieve.