Watching the monthly planning approvals figure is like watching a slow-motion train wreck.
Residential planning approvals (visados) fell an annualised 60pc in September, to 3,154 homes, according to new figures from the Government (Fomento).
Year to date, planning approvals are down 43pc, and 95pc compared to the same period in 2006.
At this rate we are on track for a figure of less 50,000 planning approvals this year, compared to 875,000 in 2006.
Back in 2006 Spain was basically a house-building economy: now I assume we are building less homes than any other country in Europe.
