Yes, we are going to see a lot of deflation right up until we see hyperinflation.
i am pretty sure this cycle will play out before the decade is over.

Unfortunately, we are going to see inflation in food and necessities.
Deflation in everything that is not essential
and inflation (where money printing is mostly going to hide) in the dollar and stock market)

And housing... well, what does a housing market look like without mortgages?