Economic obsolescence is a decrease in the value of a property caused by external factors, not the condition of the property. An example of this is "an oversupply of similar properties" in the area near the subject property.
These are questions that the above text answers:
1. What is economic obsolescence in real estate?
2. How does economic obsolescence affect property value?
3. What causes economic obsolescence in real estate?
4. Can economic obsolescence be attributed to the condition of a property?
5. How does an oversupply of similar properties impact property value?
6. Is economic obsolescence caused by internal or external factors?
7. What factors contribute to economic obsolescence?
8. How can economic obsolescence be measured in real estate?