The Real Estate Recovery, in Your Neighborhood

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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.

Now, as we enter the first stages of real recovery, it is more important than ever, for home owners, buyers and investors, to hone in on local markets to see what is and what is not putting housing back on a strong foundation and which regions are leading or lagging.

To that end, CNBC is launching the Real Estate Recovery Watch.

(Learn More: Interactive Recovery Watch Map, Complete Coverage)

Going local to major metropolitan markets from east to west, north to south, we will report monthly moves in home sales, prices and inventories in twenty US markets as well as quarterly results in much-watched Manhattan.

Using our new interactive map, just roll over a local market and find the latest statistics from local sources. In addition, CNBC television will air Recovery Watch updates during the business day.

(Read More: Manhattan Property Sales Spike on Fears of Tax Hikes)

—By CNBC's Diana Olick; Follow her on Twitter @Diana_Olick or on Facebook at

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