Golf clubs around the country are caught in a downward spiral of declining membership, revenues and services caused by falling real estate prices and the economic recession. The country's 4,400 private clubs lost between 5% to 15% of their members last year, translating into a average per-club loss of $187,000 in annual dues, according to golf-consulting firm Pellucid. About 15% of all clubs have reported facing serious financial problems, the National Golf Foundation says.

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