Which of the following is an example of external obsolescence in Maine?
Correct Answer
B) A closed paper mill reducing employment and housing demand in the area
External obsolescence is a loss in value caused by factors outside the property itself. Maine's paper and pulp industry closures have historically reduced local employment and housing demand in affected communities, making this a classic example of external obsolescence. It is generally incurable because the cause lies beyond the property owner's control.
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