Many people have bought second and third homes in golf developments for the high-end courses designed by well-known professional golfers, the tight-knit community and the plush clubhouses. But now a number of owners across the country are finding closed clubhouses and courses, lost membership fees and a direct hit to their home values as developers file for bankruptcy and can no longer maintain their courses… The same problems that have pummeled the real estate business generally — recession, tight credit and plunging prices — have hurt the market in golf communities, leaving many developers unable to meet payments on their loans.

By Kristina Shevory, Jan 9, 2009 NY Times

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