And when it comes to commercial real estate, "the demand seems almost unquenchable," Washington Federal CEO Brent Beardall told CNBC's The Exchange this week.
"Clearly the increasing costs of financing are having an impact but the reality is the majority of commercial real estate is housing-related," he said. "And we're still seeing in our markets 95% occupancy in multifamily and year over year rent growths of around 15%….we're still seeing sponsors want to move ahead."
Western states are continuing to benefit from strong in-migration patterns accelerated by the pandemic, Beardall told CNBC.
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