I've been expecting a downturn for years (not that I'm a great predictor or anything), but if you continued to work your investments and numbers and buy when the deal presents itself, you'll never miss out. Recessions are great for investing, but if you wait to time it, you'll miss out on all the deals you could have had in the meantime.
I just sent a fellow tax pro and investor the article about the real estate company giving the $10 million in bonuses and said "looks like its around the corner".
@Jake Hottenrott I agree that waiting for a downturn is not always a sound investing practice. However it does seem that prices have been steadily increasing in most markets, and being that they have surpassed their 2007 peak values is concerning. Also, when the financial pundits start making predictions and the word starts spreading of a recession, it often becomes a self fulfilling prophecy. I know for me, i'll be stocking some cash on the sidelines and preparing as best I can.