The delinquency rate on commercial mortgage-backed securities plummeted 23 basis points in June, the second-straight monthly drop and the only consecutive decrease since the financial crisis struck in 2008, according to data analytics firm Trepp. The June drop followed a 5% decrease in May. The 9.37% delinquency rate is the lowest since February 2011. The delinquency rate remains nearly a full percentage point above the mark hit one year ago of 8.59%. The June percentage of CMBS loans 60-days delinquent, in foreclosure or REO fell to 8.75%, down 21 bps from May. The most trouble remains in the multifamily sector. The delinquency rate on these loans did drop 23 bps in June to a 16.48% delinquency rate, followed by hotels or lodgings at 13.87%. Delinquencies in that sector actually fell 150 bps. According to Trepp, lenders liquidated roughly $1.8 billion in commercial mortgages in June, the highest total since the firm began measuring the total 18 months ago. It was this record liquidation rate, not more loans cures, that pushed overall delinquencies down in June. "After a modest reduction in May, the delinquency rate fell sharply in June," Trepp said. "Unfortunately, the rate reduction was driven primarily by a sharp spike in loans being resolved with losses, rather than delinquent loans actually curing." Write to Jon Prior. Follow him on Twitter @JonAPrior.