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Are there Investable Real Estate Indices which track Geographical Locations?
Yes. S&P/ Case-Shiller real-estate indices are available, as a single national index as well as multiple regional geographic indices. These indices are updated on the last Tuesday of every month. According to the Case-Shiller Index Methodology documentation: Their purpose is to measure the average change in home prices in 20 major metropolitan areas... and three price tiers– low, middle and high. The regional indices use 3-month moving averages, published with a two-month lag. This helps offset delays due to "clumping" in the flow of sales price data from county deed recorders. It also assures sufficient sample sizes.  Regional Case-Shiller real-estate indices  * Source: Case-Shiller Real-estate Index FAQ. The S&P Case-Shiller webpage has links to historical studies and commentary by Yale University Professor Shiller. Housing Views posts news and analysis for the regional indices. Yes. The CME Group in Chicago runs a real-estate futures market. Regional S&P/ Case-Schiller index futures and options are   the first [security type] for managing U.S. housing risk. They    provide protection, or profit, in up or down markets. They extend to the   housing industry the same tools, for risk management and investment,    available for agriculture and finance. But would you want to invest? Probably not. This market has minimal activity. For the three markets, San Diego, Boston and Los Angeles on 28 November 2011, there was zero trading volume (prices unchanged), no trades settled, no open interest, see  far right, partially cut off in image below.  * Source: Futures and options activity[PDF] for all 20 regional indices.  I don't know the reason for this situation. A few guesses: Additional reference: CME spec's for index futures and options contracts.