Golf courses stuck in the rough:

Golf courses across the country are struggling to make ends meet, with about 15% of courses at risk of financial collapse, say industry analysts. Too many developers have used golf courses as the centerpieces of real estate developments, flooding the market and leaving courses vulnerable to rising labor and water costs. "Right now, we have about 60 courses too many," admits one Arizona golf-and-realty developer. "It could take another 10 years to fill them."

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Arizona Republic (Phoenix) (tiered subscription model), The