A flood of disposition from a single commercial mortgage-backed securities transaction accounted for the largest drop in delinquencies since the end of the recession, according to Fitch Ratings. 

CMBS late pays fell 40 basis points last month to 6.78%, down from 7.18% in June.

The leaders of the fall were ORIX asset sales from its second transaction of the year, resulting in $759 million of dispositions.

Following these sales, the delinquency rate is now 2.23 percentage points below its July 2011 peak of 9.01%.

"The ORIX sales helped drive delinquency rates for all major property types down last month," explained Fitch Ratings analysts Mary MacNeill and Scott Pritchard. 

Meanwhile, CMBS loans becoming delinquent also continued to diminish in size.

The average loan size of new entrants in July was $8.5 million, with only four loans over $35 million entering the index. 

Delinquencies on multifamily loans stood out, falling to 7.41% in July, down from 7.59% in June.