The California economy and its credit unions are staging a comeback, but the Golden State doesn't glitter as brightly as it used to.

"I think it's fair to say that for years, people in California didn't seem to care what the rest of the country was doing because it was a special, golden place that was immune to what happened elsewhere," said California Credit Union League Chief Economist Dwight Johnston. 

Now, he said, California is adjusting to a new reality that no longer includes guaranteed home price increases or plentiful jobs. For instance, Johnston said, the state used to enjoy a steady stream of manufacturing jobs producing products invented in Silicon Valley.

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