A young girl peddles her friend back to there home in the 9th ward in New Orleans, La. - 

One big lesson of Katrina was the importance of insurance. The storm destroyed more than a million homes in the Gulf region, an estimated $135 billion in damages. And it scattered the population to the wind. Long-time New Orleans realtor John Weil talked to Money host Tess Vigeland about how the housing market is recovering in the Big Easy.

Weil said that the real estate market is mixed across New Orleans, but that it's slowly but surely coming back.

"It's one thing to focus on the Ninth Ward, but in due respect, I think it's relaly important to look at New Orleans and surrounding areas as a whole," he said. "And as a whole, we've done a phenomental job in reconstructing the city and getting it back up and running."

Take a listen to the interview above to learn more about the improvements and challenges the New Orleans housing market is facing.

Follow Tess Vigeland at @tessvigeland