You're looking at the wrong real estate. The people that bought and drove up prices for all this junk real estate in the middle of nowhere were ordinary people

You're looking at the wrong real estate. The people that bought and drove up prices for all this junk real estate in the middle of nowhere were ordinary people who had no idea about investment, fueled by subprime loans. That kind of money wasn't coming back with QE. The kind of investors that got money via QE wouldn't invest into junk like that, instead they've driven up prices in urban areas. The same kind of people are driving up stocks, which are currently massively overvalued. Either way, you can't look at the initiation of QE and expect results by next tuesday.