Here is an updated graph of bank credit at all commercial banks. Credit had been growing healthily between QEs, but then growth declined during QE3, and then started to recover again as QE3 was tapered. But, as the taper has come to an end, growth rates in bank credit have moderated. I attribute much of this to the fact that QE3 was ended before the housing market was fully recovered. Partly this is a function of household real estate leverage and partly this is a function of pro-cyclical regulatory sentiment. I hope the recent signals from FHFA that regulatory liabilities will be reduced soon help to alleviate risks here.
PS. Whether commercial real estate has stronger legs than residential, or whether it is just lagging the residential trend is a question, I suppose. I suspect that there are less frictions from distressed properties, so that it might more easily see sustained growth. I have noticed in Arizona that many corner lots at major intersections, which have always been saved for commercial development, are now being filled in with residential developments.