I believe that it has already been covered here – “tax and spend” from Democrats is better than “borrow and spend” from the Republicans. It is not a partisan comment, just noting that paying now is more fiscally conservative.
However, the unprecedented run-up in housing prices is probably most connected to the easy money sloshing around the financial system. This is due to large structural issues of the financial system, not really any one politician in particular.
Goldman Sachs has provided Treasury secretaries for both Clinton and Bush – these sorts of monetary planning factors are much larger than any one political party.
There is likely to be no difference, since there is not much of a difference in this area between the parties.
That is, of course, unless a Republican like Ron Paul is elected – then all bets are off:
