The UCSB Economic Forecast Project recently predicted that California is headed into a "mild" recession, triggered by the failing residential real estate market, rising unemployment rates, and declining retail sales.
According to a press release from the UCSB-sponsored organization, California's economy will most likely be "hit harder than the rest of the nation as a whole."
The report issued by the organization cited recent statistics from the real estate market, which revealed that the median price of single-family homes has fallen nearly 16 percent in the last year--a record decline in the last 24 years.
The economy will likely also be hurt by what the project reported as the state's difficulties attracting new businesses and a slowing rate of viability in the technology industry.
For more information about the California report and the UCSB Economic Forecast Project, visit www.ucsb-efp.com.