Check out Spain (ht Calculated Risk):
Just 135 new housing starts in the last quarter of 2008, and not a single one in December: That was the combined output in terms of housing starts for the G-14 group of Spain’s biggest developers
Yikes. We are just under about 3,500 – and it looks like we could slump under 3,000 over the first quarter of the year. But 135 housing starts is madness!
One major difference – Spain has a large over-supply of property (like the US), NZ doesn’t. However, we definitely have pretty restrictive lending conditions for builders at the moment …