This work addresses the problem of real-time reconstruction of Dynamic Contrast Enhanced Magnetic Resonance Images (DCE MRI) from partially sampled K-space. The difference image between the current and previous frame is modeled as a rank deficient matrix. It is reconstructed from via nonconvex Schatten-p norm minimization. We develop a FOCUSS (FOCally Under-determined System Solver) based algorithm for solving the said minimization problem. The proposed technique has been compared with state-of-the-art online and offline reconstruction techniques. It yields slightly worse reconstruction results than the offline technique but considerably superior results, both in terms of accuracy and speed compared to the online technique.