Lenders are managing to recover an average of 60% of the outstanding balances on commercial real estate loans in default, a study by Real Capital Analytics found. "To date in 2009, lenders have taken control and forced the sale of mortgages totaling $9.5 billion, but in the vast majority of troubled situations, a workout is still ongoing or the loan has simply been extended or modified and remains on the lender's books," RCA said.

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