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

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

Until Sept. 11, all finger-pointing was directed at the slumping economy. Since Sept. 11, the blame is resting squarely on the shoulders of consumers as they pull back in investments and spending. It's surprising to find a caution flag on retail in Texas since it has a reputation for being a market leader. It could be a different story this year when the holiday shopping season officially kicks off. That uncertainty is what has the flag rising on retail product, says Loughry.