Despite a downturn in the rate the rest of the country is taking out mortgages, the Chicago area has seen an upward spike in home loans at the end of 2015 as compared to the same time period the year before.
In addition, area re-financing also grew during the fourth quarter of 2015, rising at a rate of over double the national average.
Chicago-region buyers received 20,870 mortgages to purchase homes during the last three months of 2015, representing an increase of 3 percent over the last quarter of 2014 when 20,275 mortgages were acquired. In the rest of the country the national average of purchase mortgages fell by one percent.
The number of mortgages taken by home buyers is not a direct measure of the total number of homes purchased, since some people do not use a mortgage to buy a home, if they have enough cash. The Chicago area experienced a 6.6 percent overall rise in home sales for 2015 as compared to 2014.