Crye-Leike, REALTORS On Chattanooga News 12 Featuring Crye-Leike Founder and CEO Harold Crye

As Reported By Bill Mitchell at WDEF News 12 in Chattanooga, TN


The main difference these days is, home buyers will have to bring along a little money.


HAROLD CRYE, CEO CRYE-LEIKE REALTORS “A year ago, he didn’t have to have any cash..he could bring in his check stub that says here’s how much money I make..and he could buy a house with no down payment.”


Harold Crye has a message for prospective home-buyers: you will have to come up with some money on the top. But he says the door has always been wide-open for financially responsible working people. His Crye-Leike Realtors is a major player in the south. The company opened two new offices in Ooltewah today against the day the flood gates open and more Americans are able to afford a home. What role should the government play?


CRYE “My concern is every time the government gets involved in something they have a way of messing it up..because they go from one extreme to the other.”


The Chattanooga area has not seen the huge drop in home sales experienced in larger cities. And it goes against the grain in others ways.


TIM HARALSON, REAL ESTATE APPRAISER “In this market..around Chattanooga which covers all the tri-state areas..there are some areas where the median values and sales went up in the latter part of 2007.”


But there is another economic factor that is now impacting the housing market: medical costs.


LEEANN BOHNER, MORTAGE BANKER “A medical situation is not something you went out and you asked for or you chose to’s something that happens and a family has to deal with that.”


Even without the federal government and the FHA looking for ways to assist with those troublesome down-payments, lower interest rates have already started luring buyers back into the market. But it’s been a bumpy ride lately.


HAROLD CRYE “If you want to look for any kind of silver lining to the cloud there is usually a little bit of good ..That it tends to clean up some issues and shift the market and we’ve needed that.”


Harold Crye says overall, he doesn’t expect a major housing breakthrough until 2009.