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Wells Fargo Says California's Economy "in flux" Next Year

California's economy could stumble next year if the nation slips into a double-dip recession, Wells Fargo Securities warned in a regional economic analysis.

"The downside risks are easy to list," said senior economist Scott Anderson in a note Thursday. "Slower growth in Asia and a stronger dollar will hurt California exports and tech demand.

"A foreclosure and distressed sales backlog and continued weak demand for housing will keep home prices declining, intensifying financial pressure on California consumers at a time when equity prices could also be moving lower."

And those are just part of the Golden State's problems.

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