A cooling consumer environment is pressuring retail real estate, with Home Depot’s weaker earnings signaling rising credit and leasing risk for big-box–anchored centers. Conduit loan spreads have widened as lenders focus more heavily on tenant durability. Residential construction is slowing but stabilizing, with builders working through large backlogs rather than retreating. New-home sales are up sharply, and market power is consolidating as large builders maintain pricing through incentives and scale advantages. Across sectors, capital is prioritizing resilience, disciplined underwriting, and tenant quality. Looking ahead, Q4 earnings, credit-spread bifurcation, and builder land activity will shape risk sentiment.