NEW YORK CITY—In what Trepp LLC is calling a “five-peat,” CMBS delinquencies edged downward in November for the fifth consecutive month, according to data from Trepp and Fitch Ratings. It marks the second-longest period of declines in late-pays in more than eight years, exceeded only by a 14-month streak in 2013 and 2014.

Trepp is reporting a decline of three basis points from October to 5.18%, while for Fitch-rated CMBS deals the improvement is somewhat greater: a 13-bp drop to 3.37%. Fitch attributes the monthly decline in delinquencies to continued strong new issuance volume and increased resolution activity, with November seeing $5.6 billion of new Fitch-rated CMBS transactions. Meanwhile, resolutions of $843 million exceeded new delinquencies of $479 million, says Fitch.

“The delinquency rate moved up 13 times in the 16 months between March 2016 and June 2017,” Manus Clancy, senior managing director with Trepp, wrote earlier this week. “However, the delinquency level has receded since June as bubble-year loans have passed their maturity date and been resolved. Put another, simpler way: fewer loans are defaulting and those that defaulted in recent years are being resolved away (often with losses).”