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Just to update this, I did some searching, and found that home loans are in fact non-recourse, by Arizona statute (and case law interpreting and in fact expanding it). I can give the specific cites on Monday if anyone is interested.
Arizona home purchase money loans are non-recourse, as long as the lot is less than 2.5 acres. The AZ S. Ct. even specifically ruled that it doesn't matter if it is an owner or investor.
The rules are pretty liberal. I know in California, if you refinance, you lose the non-recourse statute. In Arizona, even if you refinance, the loan retains it's non-recourse status.
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Wow!!! Arizona real estate is in for the bust of a millennium. It's no wonder this was a hot spot for speculators. Wow!