What does stagflation mean for the housing industry?

What exactly is stagflation and how does it affect housing and mortgage rates?
Stagflation is a combination of high inflation (inflation is a general increase in prices creating reduced purchasing power), rising unemployment and slow economic growth, no economic growth or negative economic growth.
As an aside, stagflation is different from a recession. The definition of a recession is two consecutive quarters of negative Gross Domestic Product.
How can we find ourselves in stagflation?
In a word