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Lenders recovered almost 60 percent of the loan value for properties that were foreclosed in 2009, according to an analysis by Real Capital Analytics.

In a report released Thursday, the New York firm said lenders recovered $1.9 billion on 145 defaulted commercial mortgages totaling $3.2 billion.

In an indication that more is yet to come, Dan Fasulo, managing director for Real Capital, wrote in an e-mail, “For the entire U.S. we have only been able to track 145 recovery rates — that’s how little of the distress has been cleaned up until now.”

How much a lender was able to recover in a foreclosure depended on location, type of asset and, most of all, the purpose of the loan. The report said that loans on partially completed developments recover less than a third — 32 percent — of the value.

The best recovery rates occurred in the West and Northwest, where rates for acquisition and refinancing loans were 76 percent and 78 percent, respectively. The Los Angeles metro area tops the list of Real Capital’s 11 regions with a 70-plus percent recovery rate. Detroit and Tampa, Fla., are at the bottom with a recovery rate of 45 percent.

The San Francisco metro area, which includes Silicon Valley, is third with a recovery rate of close to 70 percent.

Mortgages on retail properties have the highest recovery rates, but Real Capital said the sector has had few resolutions compared with the “huge amount” of properties in default.