This year, Gentilly resident Courtney Latiker felt excited to learn that she and her two teenage daughters might soon own their own home in the Milneburg neighborhood.

She enrolled in a program for first-time homebuyers and prequalified for a loan.

A three-bedroom house near Hayne Boulevard in New Orleans East had the features she was looking for, including good closets.

A three-bedroom house near Hayne Boulevard in New Orleans East had the features she was looking for, including good closets.

While Latiker's target home was in an area at low flood risk, she was caught by FEMA's new flood insurance rate structure,

which increased her projected premium and pushed her total cost above her lender's approval.

Latiker says he was knocked out by rising costs.

Local agents say multiple issues are threatening to cool an already hot housing market in the New Orleans area at a time when mortgage rates are on the rise.

In many areas, the cost of homeowners and flood insurance has risen along with mortgage rates.

Nest eggs are being eaten away by inflation at the same time.

Residential real estate agents in the area are experiencing what they call a nightmare situation.

Bryan Jourdain, Realtor, said, "We're being pounded from all sides."

During May, homes moved off the market fairly quickly in the 10-parish metro area,as reported by the Gulf South Real Estate Information Network,

which tracks regional home sales. Through the end of May, the median sale price was $278,000, roughly 9% higher than last year.

Unfortunately, the report does not cover June, when the rate hike of 75 basis points increased mortgage rates.

There is one piece of monthly data that offers a warning sign. Closings in May decreased 7.4% from a year prior, and overall, closings decreased more than 8%.

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