Iowa's Lake Delhi flushed away in a single day [VIDEO]

Lake Delhi drains away
Lake Delhi drains away

One day, your'e sitting pretty on some pricey lakefront property. The next, you're staring at a big muddy bog. Welcome to what remains of Lake Delhi, east of Dubuque, where torrential rains washed away a not-up-to-snuff dam, property values dropped faster than you can say "housing bubble," and folks downstream in Hopkinton and Monticello are being evacuated.

The original dam across the Maquoketa River was built to generate hydroelectricity in the 1920s, but the power generators are long gone. In their place: lakefront homes, docks, holiday resorts and the like. All that's been flushed away in a single weekend, but evidently Iowa Gov. Chet Culver says taxpayers will ride to the rescue.

"We're going to throw everything we have at it, in terms of federal and state resources," he told the Des Moines Register.

Watch the property values disappear.

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