Real estate - the economic driver in the Northern Neck for the last two decades, has seen hard times lately. But is the worst behind us?

There is reason to hope that it is. The Federal Reserves recent agressive moves on interest rates is a signal that mortgage rates should be headed lower. More importantly, it gives banks more incentives to make loans, helping them get past their fears about the worthless subprime mortgages they may be holding.

But even before the Fed's overdue action, there was evidence that the Northern Neck Real Estate market was rebounding, and would lead Virginia out of the housing slump. When the Virginia Association of Realtors reported November home sales, the Northern Neck led the state in price appreciation.

True, there remains a lot of inventory on the market. But that should serve as an enticement for those who have been putting off purchasing retirement property. After all, people are still getting older, and they're still retiring. And the Northern Neck will continue to offer a wide selection of homes and lots in the upcoming season. There is reason for optimism!

© 2008 Northern Neck Today. All Rights Reserved.