RE7 is happening, but they've taken a lot longer to announce it than many would of expected. We know it's been in development for a little over three years now, and in 2013 and 2014 there were a few minor leaks/word about it, but Capcom have been grave quiet about it.
I could post all of the things we know about it as I usually do when RE7 is brought up in RE topics, but in basic Capcom started development on RE7 just after RE6 was finished, they evaluated the response to RE6 and other RE games, and probably have evaluated the response to Revelations, Revelations 2, and so on. They said they think horror is liable again, but pointed to Walking Dead and Tomb Raider as examples so take that as you will.
There is a heavy chance the new consoles and some change in direction for the project delayed it, and Capcom seems to have recently been doing some re-evaluating. There's also a ton of other RE stuff in development, literally in the next couple years we know we have the following RE related things to look forward to outside of RE7:
-Resident Evil Zero HD Remaster (and physical released of REmake+Zero)
-Resident Evil 2 REmake
-3rd Resident Evil CG Film
-Last Resident Evil Live-Action Film
-Resident Evil TV Series
-Umbrella Corps
-Some In-Development Resident Evil VR Game
-Resident Evil 6 Remaster, apparently
We also know the series 20th anniversary is next year, starting in March.
There's some suspicions Capcom is planning to reveal RE6 Remaster at PSX and maybe tease RE7's release. If they're going to make the move to try and release RE7 on the 20th anniversary of the series (March 22nd, 2016), PSX would be the last good oppurtunity to do so at some event, and would follow the 4-5 month announce-release hype cycle RE6 and Revelations 2 had.
But really, it's up in the air. The third CG film of RE doesn't come out until January of 2017, and usually the CG films release before the games they tie-in with, but then this new CG film is by a different studio and apparently a new start for some RE CG film series not in the same vein as Degeneration and Damnation, so who knows?