I know that is the prevailing logic, but I'm still of the opinion that while the Fed can and/or will create inflation, they are somewhat inept at targeting where the inflation will appear.
It's just as plausible that we will have soaring inflation in health care, food prices, energy while housing prices stay flat to slightly downward. In the event of a real inflation shock, what's to deter an even great segment of the population from strategic default to simply pay for food costs and basic sustenance. IMO, the current situation is a pre-cursor to what may take place on a larger scale.
In that event, housing prices might simply collapse outright, while our currency goes down the tubes and we experience inflation shocks in other basic necessities.