The delinquency rate for commercial mortgage-backed securities loans fell 17 basis points in July, reaching a rate of 8.48%, CMBS analytics firm Trepp said Thursday.

For the third time in four months, the Trepp CMBS delinquency rate is down, following a substantial 42-basis-point drop in June and a 47-bp drop in April.

The Trepp CMBS delinquency is down from an all-time high of 10.34% a year ago. Trepp credits an uptick in loan resolutions for today's falling delinquency rate.

In July, loan resolutions alone totaled $2.05 billion, up sharply from $1.25 billion in June and $858 million in May.

Subtracting these loans alone from the delinquent bucket pushed the delinquency rate down roughly 38 basis points.