I think Obama's plan (the tax part of it already stated), is to inflate to the point that home values are back where they were (though a gallon of milk will be $5), and then raise taxes to soak up and redistribute money, thus cooling down the economy.
There is merit to supplying money for “reflation” -—if the people doing it know what they’re doing (and these clowns do not). However, home prices going back to the 2005 peak? Not going to happen.