That doesn't mean caution lights aren't flickering, he It's not a Chicken Little syndrome, but there is anair of caution for office, industrial and surprisingly, retail.Only multifamily financing, in fact all residential product, has asolid green light these days.

"Equity requirements have changed significantly," Loughryconfirms. LTVs of 80% have slipped to 70% to 75%. On the positiveside, interest rates are down and good product can still walk awaywith loans under a 7% fixed-rate interest. "The price is better.There's more money out there and there are buyers looking for gooddeals," he says.

Until Sept. 11, all finger-pointing was directed at the slumpingeconomy. Since Sept. 11, the blame is resting squarely on theshoulders of consumers as they pull back in investments andspending. It's surprising to find a caution flag on retail in Texassince it has a reputation for being a market leader. It could be adifferent story this year when the holiday shopping seasonofficially kicks off. That uncertainty is what has the flag risingon retail product, says Loughry.

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