I know computer monitors are not supposed to be accurate enough to do proper color correction. What types of monitors are needed to be able to do professional level color correction from home? I dont know what technical specs might be needed.
SOME computer monitors are fine for accurate color work, obviously. NEC and Eizo make some, eg, and they ain't cheap. They are also distinguished by better color correction controls. And you'd probably need something from DataColor or Xrite. And they aren't cheap either. You can get millions of recommendations, but I'd suggest asking in a forum specific to the type of color work you do.
At least for a consumer level monitor, I personally still swear by this one. It has a 21" Trinitron tube with built-in calibration, although support for it has been deprecated since at least OS X 10.8(if not earlier-it was somewhere between 10.5 and 10.8). It's also a 77-lb monstrosity.
CRTs have their problems, but it's still hard to beat one in terms of absolute color fidelity(when correctly calibrated) as well as contrast. Of course, they are also subject to much more drift than LCDs/LEDs, although relatively late innovations like built in calibration make this not such a big deal. Just hit the "calibrate" button in OS X(or OS 8.5.2-OS 9.2.2) and two minutes later you have a calibrated monitor.