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Lately I keep hearing that some of the reasons behind this flat real estate market are the inability of folks to get the 20% down payment required by many banks and fear that the market will fall further.  I don't think these reasons should apply to the greater New Orleans area.  

First, as to the 20%, yes, it's clear that banking restrictions are tighter than ever.  However there is a simple solution in most cases: FHA, which has loosened its restrictions, has become the new "sub-prime" contender in the market.  With approximately 3% down and a reasonable credit score, the loan is yours.  And while there is PMI to contend with, it's generally much less than PMI on regular bank loans less than 20%.  So, go for it.  With interest rates so low and the ability to put 3% down this is a great time to buy.

And, (this is simply my opinion), it looks to me like the greater New Orleans area has hit bottom in most areas and that the market has become stable.  In certain areas, such as the Crescent or "sliver by the river" prices are actually sky rocketing--all of Uptown, the CBD, the French Quarter, Marigny and Bywater are back to pre-recession highs.  Areas that were hard hit, like much of the Westbank, New Orleans East and St. Bernard seem to have stabilized.

This may be a great moment to buy with low interests and great prices on many homes.  The opportunity will pass, like everything else, so I suggest thinking of taking advantage of it now.