Foreclosures dropped sharply last month across the Valley as lenders backed off in anticipation of new federal loan modification and refinancing programs, according to the latest existing home sales report from Arizona State University's Realty Studies Department.

Foreclosures represented 31 percent of existing home transactions last month, down from 51 percent in February. Foreclosures will remain a primary concern in the coming months with the end of many lender hiatus programs and the weak job market, said Jay Butler, ASU realty studies director.

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