To some degree, yes. As earthquakes occur along the fault lines between tectonic plates, these areas are usually heavily monitored for any activity that could cause a disturbance. However this is a rather inaccurate method and requires more research in order to predict earthquakes with greater precision. At the moment there is no way to successfully predict the time and area of earthquake. At the moment the best way to predict where an earthquake may occur is using past information of the eathquakes a certain area has experienced throughout history. Areas with a long history of earthquakes can be put on alert rather quickly as they are heavily monitored for earthquake activity.
In a general sense, especially in terms of location, yes. We have a very good idea of the locations that are most prone to earthquakes. In terms of time, in a more general sense, yes, to say that the probability of a (small/medium/large) quake is such-and-such within the next (years/decades). We have a fairly decent sense of the probabilities of quakes in broad time frames.
In specific terms, like “a 5.5 quake is forecast for the Long Beach area on May 25 (or even “in 2011″)”, no.
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