McClatchy's Sacramento Bee dug into new federal home mortgage data, documenting a robust refinancing market in and round the California capital. Drilling down to the census tract level, the analysis -- complete with zoomable maps -- shows that some Sacramento neighbors saw 20 percent or more of their mortgages refinanced.
And the impact, as the story by Phillip Reese also detailed, resonates with consumers and business around the region:
"Almost 60,000 Sacramento families – one in six households with a mortgage – refinanced their home loans in 2012, more than double the number that refinanced in 2011, according to new federal data released earlier this month. Another 10,000 investors refinanced mortgages on Sacramento-area homes.
"Low interest rates, rising home values and changes to a federal program that helps homeowners refinance explain the trend, several experts said. Most homeowners refinance to lower their monthly mortgage payments.
"The consequences have been felt throughout the local economy. Less money paid to the bank every month means more money for dining out, making home improvements, buying new clothes and myriad other expenditures that contribute to regional economic growth."