As much as $1.3 trillion in equity in commercial real estate acquired or refinanced in 2006 through early 2008 could be completely wiped out, according to a report by Real Estate Capital Analytics. "By the end of 2010 you'll have begun to see terrible, terrible capital structure disintegration," said Philip Blumberg, chairman and chief executive of Blumberg Capital Partners. "The first thing to go is the equity."

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