I’m not an expert but I think that we’ll see lower housing prices with higher interest rates. The reason is that housing is not part of inflation, but rent is (as is oil). As inflation rise, the Fed will have to combat it. If assets prices are not rising, we need higher rates to attract foreign money on which we depend so much now.
Wages and consumer goods will remain in check thanks to over capacity in Asia. We are entering uncharted territory where some sectors of economy will have inflation whereas other sectors may experience slight deflation (such as consumer electronics). I think the near future will be good for people who have good jobs, low housing expenses and consume little.

The world economy might be saved by China engineering a consumer boom in their market, just like Thailand, South Korea and Malaysia did with their economies after the Asian financial crisis.