It is said to be semi-decidable because while it is not (fully) decidable, there is an algorithm that correctly classifies all the valid first-order logic statement as valid ... but this algorithm will go into an infinite loop when presented with certain invalid statements. And yes, this is the same as saying that the set of valid formulas of predicate logic is effectively numerable.
The fact that there is such an algorithm is closely related to the completeness of first-order logic, first proved by Kurt Godel in 1929.
One way to see that first-order logic is undecidable (meaning that there is no algorithm that correctly classifies all valid first-order logic statement as valid and correctly classifies all invalid first-order logic statement as invalid) is by looking at Alan Turing's work, and in particular the Halting problem:
It turns out that you can describe any halting machine and its behavior using first-order logic. Therefore, if first-order logic is decidable, we can solve the halting problem: For any machine M and input I we can describe using first-order logic that machine and input (using a big-ass, but still finite statement $S_{M,I}$), and we can also create a statement $H$ of what it would mean for that machine to halt. We then use the First-order logic decision procedure to decide whether $S_{M,I} \rightarrow H$ is valid or not: if it is valid, then the machine M with input I halts, and if it is invalid, then it does not halt. But since we know the Halting problem is unsolvable, the decision problem for first-order logic (what David Hilbert called the Entscheidungsproblem) is likewise unsolvable.
As to the 'cause' of all this ... one issue is of course that to see whether a first-order logic formula is valid is to see whether it is true in all possible interpretations ... but there infinitely many interpretations. That is not a proof (and indeed there are many times we handle infinities just fine), but if there were only finitely many interpretations, then it would be decidable just fine, so this can be seen as a 'cause' of sorts.