- Residential and commercial property prices remain above levels historically associated with fundamentals
- If commercial mortgage delinquency rates force sales, committal real estate prices 'could decline sharply'
- Business borrowing is at high levels, but measures of debt servicing capacity remain strong overall due to profits and limited impact of high rates so far
- In terms of debt, household sector looks quite resilient, though there are emerging signs of stress for those with weak credit
- Vulnerabilities among non-banks could amplify stress of tightened financial conditions and slowing economy
- Fed cannot anticipate all risks but can build resilience to shocks; particularly important to enhance resilience of large banks
She's flagging some risks in real estate here but nothing the market doesn't already know about.