A property cycle is a sequence of recurrent events reflected in demographic, economic and emotional factors that affect supply and demand for property subsequently influencing the property market. The first recorded pioneer of studying property cycles was Homer Hoyt (1895–1984) in 100 Years of Real Estate Values in Chicago (1933, reissued by Beard Books, 2000, ISBN 1-58798-016-9). It is widely recognised that property (along with other forms of investment) follows a predictable cycle. The property cycle has three recognised recurring phases of boom, slump, and recovery. The cycle follows a consistent pattern which can be accurately assessed by following the trends of a collective basket of Key Drivers (as outlined below).