Which factor would most likely cause economic obsolescence?

Economic obsolescence refers to the depreciation in the value of a property resulting from external factors, often beyond the control of the property owner. In this case, a decrease in local property values due to external economic factors is a primary cause of economic obsolescence. These external factors could include a downturn in the local economy, changes in zoning laws, or other societal shifts that negatively impact the desirability of the area. Such conditions reduce the market value of properties in the vicinity, leading to economic obsolescence.

On the other hand, outdated appliances, lack of modern electrical wiring, and deferred maintenance pertain more to physical obsolescence or functional obsolescence. These issues are related to the property itself and the quality or condition of its components rather than external economic conditions. Therefore, while they do contribute to a reduction in property value, they do not fall under the category of economic obsolescence, which is distinctly tied to outside economic influences.