Economic obsolescence is typically considered to be ____________.

Economic obsolescence is typically viewed as incurable because it stems from external factors that are beyond the control of the property owner. These can include changes in the economy, neighborhood decline, increased competition, or changes in zoning laws that negatively impact property values. Unlike functional obsolescence, which can often be remedied through repairs or upgrades to the property itself, economic obsolescence relates to external market conditions. Since property owners cannot directly address or fix these external factors, the effects of economic obsolescence on property value are considered permanent, leading to the classification of this type of obsolescence as incurable. Understanding this distinction is crucial for appraisers as it influences property valuation and decision-making in real estate assessments.