Question: Does anybody consider an over supply of listings on the market to be external depreciation? Background: I am in the middle of a $100,000 FHA sale on HUD Code house on 5 acres. Research shows that within a 6 mile radius of the subject, during the past 12 months there have been 7 sales. Currently within the same 6 mile radius, there are 18 HUD Code properties listed for sale. Data is gathered in the value range of $60,000 to $140,000. Obviously an over supply condition in the market. However, I was wondering if anybody considers this to be a specific external factor whereby an adjustment is taken in the Cost Approach. I never have made this adjustment in the Cost Approach but always considered it in my reconciliation. What sayest thou?