What economic impact are the Sharkeys experiencing regarding their home value?

The Sharkeys are experiencing economic obsolescence, which refers to a decrease in property value due to external factors that are beyond the owner's control. This typically happens when changes in the surrounding area negatively impact the desirability or usefulness of the property. For instance, if there were increased crime rates, environmental changes, or declining neighborhood conditions, these can all contribute to economic obsolescence.

In the context of the question, the correct answer highlights that external economic factors are at play, resulting in a decline in property value. This situation contrasts with other scenarios such as depreciation due to personal issues, which is more about the owner's situation rather than broader economic influences, or an increase in property value due to new developments, which indicates a positive change. Thus, the acknowledgment of economic obsolescence accurately reflects how external circumstances can detrimentally affect property values.