The U.S. CMBS delinquency rate fell 3 basis points in November 2017 to 5.18 percent, according to Trepp, marking the fifth consecutive month in which the reading has dropped. The rate is 15 basis points higher than the year-ago level and 5 basis points lower than the level measured at the start of 2017. The all-time high was 10.34 percent in July 2012.

After hitting a post-crisis low of 4.15 percent in February 2016, the reading climbed steadily for more than a year, as loans from 2006 and 2007 reached their maturity dates and were not paid off. The CMBS delinquency level has receded since June, and Trepp says the CMBS rate is likely to see a trend downward in the following months. As fewer 2006 and 2007 loans reach their balloon dates and more distressed loans are resolved, the delinquency rate should continue to trend even lower.