All real estate is local, but never has that been more true than during this historic housing recovery.
After an epic bubble that drove home sales, construction and prices to levels beyond the imagination, housing came crashing down, and home prices fell nationally for the first time in recorded history.
(Read More: The Inside Story of America's Economic Crisis)
While intense investor speculation in new and existing homes was concentrated in certain parts of the country, largely known as the "sand states," mortgage speculation and abuse was nationwide.