Scottsdale, AZ: The More Expensive They Are, The Harder They’ll Fall

"Alt-A loans, which are low-documentation and no-documentation loans, are almost exclusively concentrated in Scottsdale. The wealthiest part of the Phoenix metro holds the highest concentration of no-documentation loans, which is not really a problem because if that market goes south, these homeowners will be better able to hold onto the mortgages without default given their higher average household income."