Delinquencies for commercial mortgage-backed securities declined for the 15th consecutive month in June, according to data released Monday by Fitch Ratings.

CMBS delinquencies fell by 10 basis points to 4.87%, compared with the previous month.

June marks the first time since the recession that delinquencies on major property types have fallen below 6%, the company said in a press release. Past-due rates for industrial properties saw the largest drop, falling by 65 basis points to 5.78% from the previous month.

Multifamily delinquencies dropped by 27 basis points to 5.65%, while retail property delinquencies fell by 16 basis points to 4.82%.

Hotel delinquencies were up slightly month-over-month, increasing by 18 basis points to 4.82%.

The improvements in CMBS delinquency rates could reverse, the ratings agency cautioned, if applications for large servicing transfers and loan modifications are declined in the coming month.

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