| From reuters.com: Permits issued for building new houses in Spain plummeted 57 percent for the year to May from a year earlier, the College of Architects said on Tuesday.
In a further sign that Spain's decade-long construction boom is over, the College said 143,918 permits were granted in the first five months of 2008, down from 336,263 in the same period of 2007.
The property downturn is one reason Spain's economy has swiftly ground to a near halt, having been one of the fastest growing in Europe last year.
Spain's largest property developer Martinsa Fadesa (MFAD.MC: Quote, Profile, Research) has filed for administration and other large Spanish property estate firms are struggling to refinance heavy debts.... Full Article: Source
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