Membership in golf clubs is shrinking, causing a “death spiral” of reduced revenue and poorer upkeep and service. Clubs across the sunniest parts of the U.S. are suffering, with Myrtle Beach, South Carolina—known as “Golftown, USA”—losing 25 of its 125 courses in less than four years. In Phoenix, eight golf courses have gone through either foreclosure or bankruptcy since the financial crisis in 2008. Florida’s courses could be hit even harder thanks to the oil spill. There are 3 million fewer golfers than there were in 2005. Up to 15 percent of the nation’s private clubs are facing serious financial problems. Aging Baby Boomers created a golf boom in the 1990s, and now the market is correcting itself.