I agree that one intended effect of QE was to reinflate the housing market. One problem was homes being way overvalued. After prices somewhat balanced out, the problem was a lack of credit available for most people wanting to buy into the market. So many changes have happened over the past few years to the U.S. and global economies that I seriously question the understanding behind modern inflation and deflation. We have been fighting a deflationary spiral since 2008 and it seems like we have almost run out of ammo.