The CMBS delinquency rate has steadily improved since a peak in June, but some asset classes are keeping the overall rate high. A new report from DBRS Morningstar looks closely at the CMBS delinquency rates from the last year, and found that retail and hotel properties could be hindering a recovery.

Overall, the CMBS delinquency rate reached a high of 5.88% in June and fell 148 basis points to 4.45% in December. These numbers aren't as catastrophic as they might seem. During the height of the financial crisis, the CMBS delinquency rate climbed to 8.53%. More good news: the rate has declined steadily across all asset classes since June.

Despite the positive downward trend, retail and hotel delinquency rates are still startlingly high. In June, retail delinquencies accounted for 17.86% of the total market, down to 12.78% by December. For hotels, the delinquency rate fell to 19.87% in December, down from a high of 23.89% in June.