During the pandemic, Cape Coral emerged as a sought-after destination for homebuyers seeking affordable waterfront properties.

Situated approximately three hours west of Miami, this Florida community is famed for its extensive network of artificial canals and expansive nature reserves.

Historically, Cape Coral offered a cost-effective alternative to more expensive Florida cities like Tampa and Orlando. In 2020, it attracted a wave of middle-income families eager for a new start.

However, the allure has dimmed, with the Cape Coral-Fort Myers area now leading a downturn in the housing market. This year, about a third of major U.S. cities have witnessed a drop in median home sale prices, and this region has been hit the hardest.

According to the Federal Reserve Bank of St. Louis, the area’s home prices reached their zenith in early 2023. By the first quarter of 2026, there was a significant 9 percent decrease, bringing the median home sale price down to $341,250 year over year.

Cape Coral has plenty of company. Earlier this year, median home sale prices dipped in 39 out of the largest 129 US cities, according to a report from real estate data company ATTOM.

Real estate experts point to higher mortgage rates, rising property taxes, soaring homeowners’ insurance premiums and an excess supply of homes as factors that are weighing on demand and pushing prices down.

Florida has been severely impacted. ‘Florida’s market went from one of the hottest housing booms in modern history to a market that is finally normalizing,’ Jon Brooks, co-founder of Momentum Realty, told the Daily Mail.

A beach park in Cape Coral, Florida, where home prices have drastically decreased since Covid

Real estate expert Jon Brooks

‘The problem is prices, taxes, insurance and monthly payments rose much faster than local incomes. That created a market where demand eventually had to slow.’ 

The housing market became one of the biggest winners during the Covid-era migration wave. 

Markets like Cape Coral and Fort Myers exploded, Brooks said, because they offered relative affordability while still delivering the ‘Florida lifestyle’ buyers wanted.

With ample opportunities for remote work during the pandemic, prices in Florida rose far beyond what local wages would support.

‘Builders and investors accelerated supply at the exact moment affordability started breaking down,’ Brooks told us. 

‘Buyers today have leverage again, and sellers are realizing this is no longer the 2021 market.’

Bob Miller of Millshire Realty agreed, saying that during the pandemic, low interest rates and investor activity caused a sharp increase in home values.

‘Cape Coral is a perfect example of what happens when prices rise faster than fundamentals,’ Miller told the Daily Mail. 

Today, higher mortgage rates, rising insurance costs, increased inventory and added condo fees are putting downward pressure on prices.

An aerial view of a residential community along a canal in Cape Coral

Ten Florida communities top the list of the US cities with the steepest condo price drops. The worst market is Cape Coral, where condo prices fell a staggering 33 percent since their peak in 2022.

Meanwhile, homeowners in Florida have some of the highest insurance rates of any state.

Data from the Coalition for an Insurable Future says premiums shot up 75 percent for Floridians between 2021 and 2025, far higher than the national average of 38 percent.

That’s mostly because the Sunshine State experiences dangerous flooding and hurricanes more frequently than other states.

Premiums are at their highest in the southern part of Florida, where severe weather threatens high concentrations of expensive homes, an Insurify analyst told CBS News.

Brooks noted the housing collapse is only hurting some areas in Florida, while others are thriving.

In prime coastal Florida cities, luxury properties are still seeing an influx of demand as buyers flee high-cost states like New York, New Jersey and California. 

Florida has no state income tax, which makes it especially appealing to billionaires and business owners.   

A view of the Fisher Island coastline, which has also experienced an influx of new wealthy residents

‘This isn’t just a Florida issue,’ Miller told us. ‘We’re seeing similar corrections in markets that experienced some of the fastest appreciation during the housing boom.’

Take the Lone Star State, for example. 

Austin, Texas, had one of the fastest-growing housing cycles in the country during Covid. 

When tech workers started moving to the city, developers responded with frantic apartment construction.

Brooks noted that this led to fresh supply hitting the market just as demand slowed. 

As demand waned, owners were left with luxury condos that were dropping drastically in value.

‘The largest corrections are generally happening in areas that saw the most speculative growth and the biggest construction booms during the pandemic years,’ said Brooks.

Austin is now among four US metro areas that have 50 percent more homes on the market than pre-pandemic norms, Realtor.com reports.

‘In the south, you have more sellers of new construction because of the building boom that happened during the pandemic, and fewer buyers because they are facing high insurance and property taxes on top of high mortgage rates,’ Redfin chief economist Daryl Fairweather previously told the Daily Mail.

While today’s buyers have ‘more negotiating power’ in those once-sought-after neighborhoods, they also have to factor in added costs like higher mortgage rates, insurance, taxes and HOA fees.

In a last-minute push, the board appointed by President Donald Trump at the Kennedy Center is attempting to retain his name on the building’s facade, facing a deadline imposed by a court to remove it by Friday.

On Thursday, the board decided to request a suspension of a U.S. District Judge’s ruling from May 29, which declared that Trump’s name was added to the Kennedy Center unlawfully. This move was disclosed by an insider familiar with the private meeting, who spoke on condition of anonymity. The formal appeal was submitted late Thursday.

Judge Christopher Cooper determined that only Congress has the authority to change the Kennedy Center’s name, mandating the removal of Trump’s name by Friday. Additionally, he halted plans by the administration to close the venue for extensive renovations, initially scheduled to commence in July and span two years.

This board decision contrasts with a June 4 memo from the Kennedy Center’s Office of General Counsel, which instructed staff to use “The John F. Kennedy Center for the Performing Arts” or simply “Kennedy Center” in email signatures, letterhead, and other official documents.

Notably, the Kennedy Center’s website has already omitted Trump’s name. An email distributed earlier this week to members, promoting ticket packages for the June 28 Mark Twain Award for American Humor ceremony, was sent from the Kennedy Center without mentioning Trump.

“The Trump administration’s 11th hour gambit after waiting nearly two weeks evinces desperation,” Norm Eisen, a board member at Democracy Defenders Action, and Nathaniel Zelinsky, senior counsel at the Washington Litigation Group, said in a statement. “That is what they should be feeling because they don’t have a legal leg to stand on. We will be vigorously contesting this latest ploy as we have throughout the case on behalf of Congresswoman Beatty and the American people.”

They represent Rep. Joyce Beatty, D-Ohio, an ex-officio member of the Kennedy Center’s board who filed the lawsuit seeking to remove Trump’s name from the institution.

After ignoring the Kennedy Center for much of his first term, Trump has wielded tremendous influence over the venue during his return to office. Just a month into his second term, he ousted the center’s previous leadership and replaced it with a hand-picked board of trustees that named him chairman. He brought in Richard Grenell to serve as president, a position he held until March when Matt Floca assumed the role.

The center’s lineup has included more Trump-friendly programming, serving as the venue for events such as the premiere of first lady Melania Trump’s documentary, “Melania.”

The board also announced it had renamed the facility the Trump Kennedy Center, a change scholars and lawmakers say must be initiated by Congress, and physically added the president’s name to the building’s facade.

The fallout from the arts community was swift and intense. Actor Issa Rae, musician Bela Fleck and author Louise Penny were among the numerous artists who withdrew from appearances, while consultants such as musician Ben Folds and singer Renée Fleming resigned. Earlier this month, the executive director of the National Symphony Orchestra, Jean Davidson, left to head the Los Angeles-based Wallis Annenberg Center for the Performing Arts.

In addition to voting on the stay on Thursday, the board backed a resolution recognizing Trump’s “commitment to uphold this cherished American institution.”

Hands free, they twirled in delight.

Taylor Swift had a special request for Steven Spielberg at her Songwriters Hall of Fame induction on Thursday—capture a dance moment of her and Travis Kelce.

In a light-hearted clip shared by Variety on X, the acclaimed singer turned her phone to selfie mode, enjoying the music with her beau as John Fogerty performed “Fortunate Son.”

After a brief exchange with Spielberg, Swift handed over her cell.

The 36-year-old continued to get her groove on with Kelce, also 36, while the Oscar winner filmed the pair and then panned over to the performance.

Spielberg filmed other audience members as Swift and Kelce shared a sweet PDA moment beside him.

Social media users raved over the “crossover” moment and begged Swift to share the video.

One tweeted, “She casually handed her phone to one of the most popular filmmakers in the world and told him to make himself useful.”

Another added, “Not Spielberg taking control of her vlog. Icons.”

While the athlete did not walk the event’s red carpet with Swift, he was photographed seated with the “Love Story” singer inside the Marriott Marquis Hotel, along with their moms, Andrea Swift and Donna Kelce.

Many gushed over the engaged couple, with one dubbing Kelce Swift’s “forever dance partner.”

The Kansas City Chiefs player, notably, flew from his team’s Missouri minicamp to New York City on Thursday to support his wife-to-be.

Taylor, who stunned in a custom Givenchy by Sarah Burton gown, made history at the Manhattan event as the youngest woman ever to be inducted into the Songwriters Hall of Fame.

The pop star teared up in her acceptance speech while thanking her family members.

Taylor is expected to take part in another milestone moment — her wedding — next month, with Page Six hearing she will marry Travis in Madison Square Garden on July 3 weekend.

Los Angeles County District Attorney Nathan Hochman has approached the court to halt the distribution of funds from a $4 billion settlement intended for victims of sexual abuse. Hochman raised concerns that up to 80% of these claims might be fraudulent, as reported by the Los Angeles Times on Thursday.

Back in April 2025, Los Angeles County agreed to a historic $4 billion settlement to resolve over 11,000 allegations of sexual abuse in county-operated juvenile facilities and foster care settings. This agreement marked the largest settlement of its kind in the nation’s history.

However, an investigation by the LA Times uncovered that nine individuals involved in the lawsuit claimed they were compensated to participate in the class-action suit. Among these, four individuals admitted to the paper that their claims were completely fabricated.

Following the revelations by the LA Times, Hochman promptly initiated his own inquiry into the matter.

JUSTICE DEPARTMENT AGREES TO PAY NEARLY $116 MILLION TO INMATES SEXUALLY ABUSED AT A CALIFORNIA FACILITY KNOWN AS THE ‘RAPE CLUB’

“They looked at this opportunity to compensate these true victims of sex abuse as an opportunity to personally profit and engage in some of the most greedy and heinous conduct,” Hochman said in a November 2025 news conference. “We are going to aggressively go after them,” he said.

Los Angeles County District Attorney Nathan J. Hochman speaks at a press conference in Los Angeles on Dec. 16, 2025. (Derek Shook for News Media)

However, Hochman said then that the nine who came forward represented a small fraction of the “significant number of fraudsters involved in these settlement claims.”

Now, Hochman is claiming 80% of claimants could be fraudulent while asking the judge overseeing the case to freeze the payments for six months while he continues his investigation, according to the LA Times.

Hochman’s request would only apply to cases stemming from juvenile halls, the bulk of the cases in the lawsuit, according to the LA Times.

Since the LA Times released the results of its investigation, LA County has imposed extra scrutiny on claimants, particularly those represented by Downtown LA Law Group (DTLA), a firm that represented all nine of the plaintiffs who reportedly claimed to have been recruited.

DTLA firmly denied recruiting anybody for the lawsuit.

“As we have consistently stated, DTLA never recruited anyone to join this lawsuit. In fact, we rejected over 70% of the cases that came to us. The allegations of fraud involving our firm are false,” a DTLA spokesperson told News Media.

The company also believes it’s being unfairly scrutinized compared to other companies representing plaintiffs in the lawsuit.

“DTLA was the only one subjected to an extensive independent third-party audit of more than 1,000 cases, with every client interviewed by a neutral auditor at our own expense. No other firm has undergone this level of scrutiny.  We believe that fairness dictates that the regulatory agency make similar demands of other firms,” the spokesperson said.

The increased scrutiny, Hochman argued in a Wednesday filing obtained by the LA Times, was necessary after lax vetting from prior agencies reviewing the cases.

“The prior and ongoing vetting by other agencies and entities has been insufficient to determine whether the claims are fraudulent,” Hochman stated, per the LA Times.

Los Angeles County District Attorney Nathan Hochman, at the podium, stands next to LAPD Chief Jim McDonnell and Central District U.S. Attorney Bill Essayli and other members of law enforcement during a press conference in Los Angeles on May 21, 2026. (Genaro Molina/Los Angeles Times via Getty Images)

Representatives of the plaintiffs in the lawsuit question Hochman’s claims and say they further hurt victims who have suffered enough.

“They’re beyond frustrated,” victim attorney Patrick McNicholas told the LA Times. “Once again, they’re getting victimized,” he said.

Nathan Hochman speaks to reporters in Los Angeles in 2017 while running for California attorney general. (Lucy Nicholson/Reuters)

Lawyers for the plaintiffs are expected to go in front of Superior Court Judge Lawrence Riff on Monday for a review of Hochman’s request.

The DTLA spokesperson told News Media the company has cooperated with DA Hochman’s investigation.

“We look forward to Judge Lawrence Riff’s ruling on this matter and, as we have always maintained, we remain fully committed to working cooperatively with District Attorney Nathan Hochman and his office to verify the authenticity of every claim,” the spokesperson said.

“Our firm is fully committed to ensuring that clients who suffered real abuse are fairly compensated for the trauma they endured,” the spokesperson also said.

News Media contacted the Los Angeles County District Attorney’s office for further information.

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