Borrowers whose loans back commercial mortgage securities are continuing to repay more of their loans on time.

Real estate loans that make up commercial mortgage-backed securities that were delinquent by at least 30 days or in foreclosure stood at 9.71% in December, unchanged from November, according to a report published Thursday by Trepp, a New York-based data firm.

According to Trepp, the overall leveling off contrasts with delinquency rates during the first six months of 2012, when troubled loans securitized in 2007 reached their maturity dates.

Though the rate of delinquencies on loans backed by offices ticked up 29 basis points during December, to 10.66%, delinquencies on loans backed by industrial, multifamily and retail properties and hotels all dropped for the month.

The percentage of loans that were delinquent by at least 60 days or in foreclosure fell six basis points from November, to 9.18%.

"Despite the fact that the delinquency rate has leveled off once again, it's been a spectacular run for the CMBS industry over the last six months," Manus Clancy, senior managing director of Trepp, said in a news release. "Not only did the world not end on December 21, but spreads have plummeted since June, it's become easier for borrowers to refinance, research groups are lifting their estimates for 2013 issuance, and delinquency rates are well below their all-time highs."

The delinquency rate for loans backed by lodging dropped 51 basis points during December, to 11.73% while the delinquency rate for industrial real estate loans fell by 24 basis points, to 11.24%.

The multifamily delinquency rate fell 23 basis points, to 13.98% while the retail delinquency rate dropped 13 basis points, to 7.62% and remained the property type that enjoys the highest rates of repayment.

There are roughly $53.8 billion in delinquent loans that underpin commercial mortgage-backed securities, according to Trepp. The total excludes loans that are past their balloon date but current on their interest payments.

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