By Matthew Power. An analysis of Orlando, Fla.'s economic health suggests that mortgage refinancing has been virtually the sole economic growth engine for the last year, heading off an otherwise disastrous recession. According to area bankers and economists, homeowners are not only spending their equity savings, but are also using equity loans to renovate, consolidate debt, or purchase big ticket items or vacations--in that order. Refinancings now account for about 80 percent of all home loans.