Realtors Say Home Prices Took Another Hit

San Antonio, Texas

Median existing-home prices declined modestly in the second quarter with 27 percent of metropolitan areas experiencing price gains from a year ago, while state home sales declined from the second quarter of 2010, according to the latest quarterly report by the National Association of Realtors.

The median existing single-family home price rose in 41 out of 151 metropolitan statistical areas1 (MSAs) in the second quarter from the same period in 2010, including four with double-digit increases; one was unchanged and 109 areas showed price declines. In the first quarter, 34 metro areas had posted gains from a year earlier.

Lawrence Yun, NAR chief economist, said home prices have been moderating. “Median home prices have been moving up and down in a relatively narrow range in many markets, which shows a stabilization trend,” he said. “Markets showing consistent price stability or increases are those with solid labor market conditions, such as in Washington, D.C.; San Antonio; or Fargo, N.D.”

Yun noted the median price measurement reflects the types of homes that are selling during the quarter and can be misleading at times. “The level of foreclosures, which can artificially depress median prices, can vary notably in given markets. The annual price gauge smoothes out the quarterly swings and has shown fairly stable price trends in most markets.”

He added the housing market should be stronger. “With home prices in a broad trough and historically low mortgage interest rates, high housing affordability conditions and rising rents could stimulate a more rapid sales recovery if banks get back into the business of lending to more creditworthy borrowers,” Yun said.

NAR’s Housing Affordability Index stood at 176.6 in the second quarter, the third highest on record after the first quarter of 2011 and fourth quarter of 2010. The index measures the relationship between median home price, median family income and mortgage interest rates; the higher the index, the greater household purchasing power. Record keeping began in 1970.

The national median existing single-family home price was $171,900 in the second quarter, down 2.8 percent from $176,800 in the second quarter of 2010. The median is where half sold for more and half sold for less. Distressed homes,2 typically sold at a discount of about 20 percent, accounted for 33 percent of second quarter sales, down from 39 percent in the first quarter; they were 32 percent a year earlier.

Total state existing-home sales, including single-family and condo, declined 5.4 percent to a seasonally adjusted annual rate3 of 4.86 million in the second quarter from 5.14 million in the first quarter, and were 12.7 percent below a 5.57 million pace during the second quarter of 2010. June 2010 was the closing deadline for the home buyer tax credit.

NAR President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I., said the key to healthy housing is credit access. “It’s frustrating for many creditworthy potential home buyers to realize that when they’re ready to make a move, banks remain risk averse,” he said. “People with good jobs, long-term plans and who are willing to stay well within their means deserve an opportunity to realize their American dream of home ownership. When banks return to normal and safe but sensible lending standards, housing will be able to contribute its traditional share to economic growth.”

Yun clarified the point on economic growth. “The direction of the economy will be determined principally by the housing market recovery, and indications now are pointing toward only a modest recovery,” he said.

The share of all-cash home purchases was 30 percent in the second quarter, up from 25 percent in the second quarter of 2010. Investors, who make up the bulk of cash purchasers, accounted for 19 percent of second quarter transactions, up from 14 percent a year ago.

First-time buyers purchased 35 percent of homes, down from 46 percent in the second quarter of 2010. Repeat buyers accounted for a 56 percent market share in the second quarter, up from 40 percent a year earlier.

In the condo sector, metro area condominium and cooperative prices – covering changes in 54 metro areas – showed the national median existing-condo price was $169,200 in the second quarter, which is 3.5 percent below the second quarter of 2010. Fourteen metros showed increases in the median condo price from a year ago and 40 areas had declines.

Regionally, the median existing single-family home price in the Northeast rose 2.0 percent to $245,600 in the second quarter from a year ago. Existing-home sales in the Northeast declined 4.6 percent in the second quarter to a level of 763,000 and are 19.9 percent below the second quarter of 2010.

The median existing single-family home price in the Midwest fell 5.4 percent to $139,800 in the second quarter from the same period in 2010. Existing-home sales in the Midwest were down 3.1 percent in the second quarter to a pace of 1.05 million and are 18.3 percent below a year ago.

In the South, the median existing single-family home price declined 2.7 percent to $153,000 in the second quarter from a year earlier. Existing-home sales in the South fell 3.4 percent in the second quarter to an annual rate of 1.89 million and are 9.9 percent below the second quarter of 2010.

The median existing single-family home price in the West declined 3.1 percent to $218,000 in the second quarter from the second quarter of 2010. Existing-home sales in the West dropped 10.8 percent in the second quarter to a level of 1.16 million and are 6.2 percent below a year ago.

Inland American Real Estate Trust, Inc. Acquires Historic Hotel in Dallas

Inland American Lodging Group, Inc. (“IALG”), a wholly owned subsidiary of Inland American Real Estate Trust, Inc. (“Inland American”), announced today that it has acquired The Fairmont Dallas for $69 million, or approximately $127,000/key. The Fairmont Dallas is a 545 guestroom hotel consisting of two towers and 70,000 square feet of meeting space. Opened in 1969 as the “first” luxury hotel in Texas, the property exudes an air of elegance and luxury, combined with a dash of Texas flair.

The Fairmont Dallas offers unparalleled accommodations that have received approximately $50 million of capital improvements since 1997, including $14.9 million ($27,300 per key) over the last four years. Inland American intends to invest in additional capital improvements that will allow the hotel to maintain and improve upon its luxury status.

Following the acquisition of The Fairmont Dallas, Inland American Real Estate Trust has whole or partial ownership interest in 16,628 hotel rooms across the U.S., including 16 full service hotels.

Texas Home Sales Trending at '09 Levels

According to the Texas Quarterly Housing Report compiled by the Real Estate Center at Texas A&M University the Lone Star State's second-quarter sales fell 12 percent from a year earlier with total sales volume of 58,795 homes inline with 2009. The median sales price in Texas hit $150,400 in the second quarter, up 1 percent from a year ago. The average price rose 4.6 percent to $201,288.

Homeownership Rates at 1998 Levels

Homeownership rates are at 1998 levels according to a report released today by the U.S. Census. The homeownership rate of 65.9 percent was 1.0 percentage points (+/-0.4%) lower than the second quarter 2010 rate (66.9 percent) and 0.5 percentage points (+/-0.4%) lower than the rate last quarter (66.4 percent) The homeownership rate reached a record high of 69.2 percent in the second and fourth quarters of 2004. 

Also reported were national vacancy rates in the second quarter 2011 of 9.2 percent for rental housing and 2.5 percent for homeowner housing. The rental vacancy rate of 9.2 percent was 1.4 percentage points lower than the rate recorded in the second quarter 2010 (+/-0.5 percentage points) and 0.5 percentage points lower than last quarter (+/-0.4).

Approximately 85.7 percent of the housing units in the United States in the second quarter 2011 were occupied and 14.3 percent were vacant. Owner-occupied housing units made up 56.5 percent of total housing units, while renter-occupied units made up 29.2 percent of the inventory in the second quarter 2011.

See the Census Report

Fed Says Residential Real Estate Remains Weak

In its July Beige Book report, the Federal Reserve reports most residential real estate activity was little changed and remained weak, although construction and activity in the residential rental market continued to improve since the previous Beige Book.

For six Districts, activity in the nonresidential real estate market has improved slightly for specific submarkets, although conditions generally remained weak across all twelve Districts.

The Fed says since the last Beige Book, overall loan volumes have increased in three Districts, decreased in two Districts, and were relatively flat, often with mixed trends across the banks' portfolios, in five Districts. Credit quality was steady or improving.

Residential real estate sales in almost all Districts were little changed from the last Beige Book. Activity edged up in the Richmond, Atlanta, and Minneapolis Districts. Of the Districts reporting on home prices, most said that they were flat or declining. The Boston and Richmond Districts reported steady prices; the Philadelphia and Atlanta Districts reported that prices were steady to down slightly; and the Kansas City and New York Districts reported that prices were down. Increasing inventories of unsold homes in the Boston, New York, and Kansas City Districts have restrained building in the single-family housing sector. Residential construction activity overall was mixed, though it increased in the Minneapolis District. Since the previous Beige Book, construction and activity in the residential rental market have continued to improve in the New York, Chicago, Dallas, and San Francisco Districts.

Nonresidential real estate activity improved somewhat in the Boston, Philadelphia, Cleveland, Chicago, St. Louis, and Dallas Districts. The Chicago District reported strong demand for industrial facilities, particularly from the automotive sector. The Philadelphia District reported improvements in terms of lower vacancy rates for office space, industrial space, and apartments; the Chicago District reported generally lower vacancy rates. The New York, Richmond, Atlanta, Minneapolis, Kansas City, and San Francisco Districts all reported generally weak activity in nonresidential real estate. Construction in the Minneapolis District stalled in areas because of flooding and unavailability of state building inspectors due to the Minnesota state government shutdown. Health care and apartment construction was a bright spot for the Atlanta District. Activity was weak in the Kansas City District, but firms that supply construction materials reported increased sales and stable prices. San Francisco reported stable but high vacancy rates in many parts of the District.

Mortgage Applications Decrease in Latest MBA Weekly Survey

Mortgage applications decreased 5.0 percent from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending July 22, 2011.

The Market Composite Index, a measure of mortgage loan application volume, decreased 5.0 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 4.9 percent compared with the previous week. The Refinance Index decreased 5.5 percent from the previous week. The seasonally adjusted Purchase Index decreased 3.8 percent from one week earlier. The unadjusted Purchase Index decreased 3.4 percent compared with the previous week and was 2.2 percent higher than the same week one year ago.

The four week moving average for the seasonally adjusted Market Index is down 0.3 percent. The four week moving average is down 0.5 percent for the seasonally adjusted Purchase Index, while this average is down 0.3 percent for the Refinance Index.

The refinance share of mortgage activity decreased to 69.6 percent of total applications from 70.1 percent the previous week.

The adjustable-rate mortgage (ARM) share of activity increased to 6.1 percent from 5.8 percent of total applications from the previous week.

The average contract interest rate for 30-year fixed-rate mortgages increased to 4.57 percent from 4.54 percent, with points increasing to 1.14 from 0.98 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans. The effective rate also increased from last week.

The average contract interest rate for 15-year fixed-rate mortgages increased to 3.67 percent from 3.66 percent, with points increasing to 1.08 from 0.97 (including the origination fee) for 80 percent LTV loans. The effective rate also increased from last week.

June Existing-Home Sales Slip Nationally, Improve in Texas Cities

Existing-home sales eased nationally in June as contract cancellations spiked unexpectedly, although prices were up slightly, according to the National Association of Realtors®. The numbers were better in the Dallas Metro with the median price increasing year-over-year and a .4 percent increase in price and a 3.1 percent increase in sales over June, 2010. I the same period, Houston experienced a 1.6 percent increase in price and a .3 percent drop in sales. San Antonio did the best among Texas Cities cited in the report with a 3.6 percent increase in price and a 1.6 percent increase in sales. 

Sales gains in the Midwest and South were offset by declines in the Northeast and West. Single-family home sales were stable while the condo sector weakened.

Total existing-home sales1, which are completed transactions that include single-family, townhomes, condominiums and co-ops, declined 0.8 percent to a seasonally adjusted annual rate of 4.77 million in June from 4.81 million in May, and remain 8.8 percent below the 5.23 million unit level in June 2010, which was the scheduled closing deadline for the home buyer tax credit.

Lawrence Yun, NAR chief economist, said this is an uneven recovery. “Home sales had been trending up without a tax stimulus, but a variety of issues are weighing on the market including an unusual spike in contract cancellations in the past month,” he said. “The underlying reason for elevated cancellations is unclear, but with problems including tight credit and low appraisals, 16 percent of NAR members report a sales contract was cancelled in June, up from 4 percent in May, which stands out in contrast with the pattern over the past year.”

Yun cited other factors in the sales performance. “Pending home sales were down in April but up in May, so we may be seeing some of that mix in closed sales for June. However, economic uncertainty and the federal budget debacle may be causing hesitation among some consumers or lenders.”

The national median existing-home price for all housing types was $184,300 in June, up 0.8 percent from June 2010. Distressed homes3 – foreclosures and short sales generally sold at deep discounts – accounted for 30 percent of sales in June, compared with 31 percent in May and 32 percent in June 2010.

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage was 4.51 percent in June, down from 4.64 percent in May; the rate was 4.74 percent in June 2010.

NAR President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I., said home sales should be higher. “With record high housing affordability conditions thus far in 2011, we’d normally expect to see stronger home sales,” he said. “Even with job creation below expectations, excessively tight loan standards are keeping many buyers from completing deals. Although proposals being considered in Washington could effectively put more restrictions on lending, some banking executives have hinted that credit may return to more normal, safe standards in the not-too-distant future, but the tardiness of this process is holding back the recovery.”

Phipps added that lower mortgage loan limits, due to go into effect on October 1, already are having an impact. “Some lenders are placing lower loan limits on current contracts in anticipation they may not close before the end of September. As a result, some contracts may be getting cancelled because certain buyers are unwilling or unable to obtain a more costly jumbo mortgage,” he said.

Total housing inventory at the end of June rose 3.3 percent to 3.77 million existing homes available for sale, which represents a 9.5-month supply4 at the current sales pace, up from a 9.1-month supply in May.

All-cash transactions accounted for 29 percent of sales in June; they were 30 percent in May and 24 percent in June 2010; investors account for the bulk of cash purchases.

First-time buyers purchased 31 percent of homes in June, down from 36 percent in May; they were 43 percent in June 2010 when the tax credit was in place. Investors accounted for 19 percent of purchase activity in June, unchanged from May; they were 13 percent in June 2010.

The balance of sales was to repeat buyers, which were a 50 percent market share in June, up from 45 percent in May, which appears to be a normal seasonal gain.

Single-family home sales were unchanged at a seasonally adjusted annual rate of 4.24 million in June, but are 7.4 percent below a 4.58 million pace in June 2010. The median existing single-family home price was $184,600 in June, up 0.6 percent from a year ago.

Existing condominium and co-op sales fell 7.0 percent to a seasonally adjusted annual rate of 530,000 in June from 570,000 in May, and are 18.0 percent below the 646,000-unit level a year ago. The median existing condo price5 was $182,300 in June, up 1.8 percent from June 2010.

Regionally, existing-home sales in the Northeast fell 5.2 percent to an annual pace of 730,000 in June and are 17.0 percent below June 2010. The median price in the Northeast was $261,000, up 3.1 percent from a year ago.

Existing-home sales in the Midwest rose 1.0 percent in June to a pace of 1.04 million but are 14.0 percent below a year ago. The median price in the Midwest was $147,700, down 5.3 percent from June 2010.

In the South, existing-home sales increased 0.5 percent to an annual level of 1.86 million in June but are 5.6 percent below June 2010. The median price in the South was $159,100, down 0.1 percent from a year ago.

Existing-home sales in the West declined 1.7 percent to an annual pace of 1.14 million in June and are 2.6 percent below a year ago. The median price in the West was $240,400, up 9.5 percent from June 2010.

Mortgage Bankers Say Homeownership Rates Could Drop Further After "Unsustainable Jump" During Last Decade

The drop in the homeownership rate from an all-time high of 69.2 percent in 2004 to 66.4 percent in the first quarter of 2011 reflects a decline from unsustainable levels to something closer to historical averages, according to a study released today by MBA's Research Institute for Housing America (RIHA). While the homeownership rate may have bottomed out, it could fall another one or two percentage points because of tightened credit and other factors, the paper says.

Titled "Homeownership Boom and Bust 2000 to 2009: Where Will the Homeownership Rate Go from Here?," the study was conducted by professors Stuart Gabriel of UCLA's Anderson School and Stuart Rosenthal of Syracuse University. They found that the increase in the homeownership rate in the middle of the last decade extended to all age groups but was most pronounced among individuals under age 30. These increases coincided with looser credit conditions that enhanced household access to mortgage credit, along with less risk-averse attitudes toward investment in homeownership. Following the crash, these trends have reversed and homeownership rates have largely reverted to the levels of 2000.

"The question of why homeownership rates are falling now is really a question of why they were so high during the middle of the last decade," said Gabriel. "From the late 1960s to the mid-1990s, U.S. homeownership rates were relatively stable between 64 and 65 percent. Our findings suggest that the boom and bust in homeownership rates over the last decade was driven in part by an initial relaxation of credit standards followed by a tightening of credit with the onset of the 2007 financial crash. Evidence also suggests that households headed by people in their 20s and 30s were willing to take more risk with respect to homeownership in the boom years, followed by a return to a more conservative approach after the crash."

"How much more might the homeownership rate fall? The answer depends on uncertain forecasts of attitudes towards homeownership and changes in the credit market and economic conditions," concluded Rosenthal. "If underwriting conditions and attitudes about investing in homeownership settle back to year-2000 patterns and, if the socioeconomic and demographic traits of the population look similar to those of 2000, then the homeownership rate may have bottomed out and will not decline further. If, instead, household employment, earnings and other socioeconomic characteristics over the next few years remain similar to those in 2009, then homeownership rates could fall by up to another 1 to 2 percentage points beyond 2011. Those declines are likely to be greatest in cities and regions in which house prices were most volatile in the last decade."

Key findings from the study include:

-A combination of changes in mortgage credit standards and attitudes towards investment in homeownership likely contributed to much of the boom and bust in homeownership over the decade. As credit conditions loosened in the first part of the decade, many people of all ages who would have remained renters instead became homeowners. With the financial crash, the recession, and tighter credit conditions, homeownership rates have fallen back to levels close to those of 2000 for most age groups.

-Changes in the population's socio-demographic composition and economic attributes also served to lower homeownership rates between 2000 and 2009. For all household heads age 20 to 80, demographic-socioeconomic shifts pushed homeownership rates down by roughly 2 additional percentage points over the period. These effects were notably different across demographic groups, however. For example, among individuals 25-35 years old, shifts in their demographic-socioeconomic attributes pushed homeownership rates down by nearly 5 percentage points over the 2000-2009 period. For African Americans the analogous value was only roughly 1 percentage point.

-Individuals appear to have been more risk-seeking in their approach to home buying in the first half of the last decade. This changed to a more risk-averse posture following the real estate meltdown.

-Between 2000 and 2009 there was a one percentage point increase in the homeownership rate. But, were it not for the shifts in access to homeownership through easier credit and the changes in socioeconomic conditions, the homeownership rate would have actually fallen between 2000 and 2005, rather than increasing.

-Homeownership is deeply embedded in American culture and long has been a symbol of economic achievement in the United States. The recent sharp decline in the homeownership rate has symbolic as well as tangible adverse effects on the economy, with home sales and construction activity remaining near all-time lows," said Michael Fratantoni, Executive Director of RIHA and MBA's Vice President of Research and Economics. "This is another in a series of studies that RIHA has issued on the issues of household formation, borrower attitudes after the recession and homeownership. Single- and multifamily lenders, other participants in the real estate finance industry, and policymakers can utilize this research and assumptions on homebuyer behavior and credit availability to form their own forecasts regarding the likely path of the homeownership rate and implications for the mortgage market going forward."

The paper relies on individual-level data from the 2000 census and the 2005 and 2009 American Community Surveys (ACS) to assess housing choice and uses 34 control variables to analyze the underlying drivers of homeownership. The paper is divided into three parts: an assessment of the underlying drivers of homeownership, an ex-post analysis of the boom and bust in homeownership during the 2000s, and a discussion of what may lie ahead for U.S. homeownership rates.

Texas Surpasses New York, Becomes Nation's Second Biggest Economy

Texas moved past New York over the past decade to become the nation's second-largest economy, according to a USA Today examination of data released by the Bureau of Economic Analysis.

"Texas (GDP) notched one of the biggest increases in size in a half-century, surpassing $1 trillion in annual economic output," the USA Today article said.

According to the article, Texas' $1.2 trillion 2010 GDP represented a 26.8-percent increase since 2000.

Though California retained its first-place ranking as the state with the largest economy, the article indicated that California's share of the national economy, which peaked in 1990, shrank faster than all but three states from 2000 to 2010. Noting the growth of Texas, USA Today suggested the Lone Star State may soon challenge California for the top spot.

NBA Men's Dallas Mavericks Short Sleeve T- Shirt (Dark Navy, XX Large)

Grapevine to Host Dallas Vintage Jewelry Show

Promoters recently announced Grapevine, Texas will be home to a new show focusing entirely on vintage jewelry. Vintage dealer Melissa Sands and Promoter Eric Miller have teamed up to bring the show to the Dallas-Fort Worth area.

“It’s rarely a question of if vintage jewelry will sell,” says Sands adding that while everyone loves vintage jewelry, the most typical jewelry buyer falls right in line with the demographics in North Dallas. “There’s already been an enthusiastic response to the show. This is an ideal specialty show for the region.”

Dealers will be bringing a variety of vintage costume jewelry along with vintage and antique fine jewelry to the Grapevine Convention Center, March 16-17, 2012.

Sands says the dates were chosen to provide an opportunity for dealers to add a show while traveling to Texas for Round Top. She also says preliminary interest from dealers has been strong and expects to fill the 23,000 square foot convention center.

The Grapevine Convention Center was chosen because of it’s easy access and location among some of Dallas’s most prominent suburbs. Moreover, the town is an attraction in itself.

“Grapevine is located among the regions most vibrant suburbs including Southlake, Westlake and Colleyville in the fourth largest MSA in the country and is easily accessible from throughout the region,” Miller says.

Dallas and Fort Worth residents are already accustomed to visiting Grapevine for other shows and festivals and Miller says the location also means dealers will have an enjoyable destination. “Having an enjoyable experience is an important component to both wanting to travel to a show and having another reason to come back,” Miller says.

The traditional Main-Street neighborhood with shops, restaurants and wine-tasting rooms is within walking distance of the Convention Center. There are plenty of comfortable hotel options at all price levels.

About the Dallas Vintage Jewelry Show: The Dallas Vintage Jewelry Show will be held March 16 and 17, 2012. Some fifty dealers are expected. The hours for the show will be Friday, 1 p.m. – 8 p.m. with Happy Hour 5:00 p.m. – 6 p.m. and Saturday, 10 a.m. – 5 p.m. Dealers should contact Melissa Sands at 847-579-9079. Eric Miller can be reached at 214-329-9733. More information is available at www.dallasvintagejewelry.com.

Check it out on TUMBLR

Friday Night Pizza Deal

The best things in life may not be free, but they do come at a good price sometimes. Friday evenings at Eatzi these delectable thin-crust pizzas are only $10. Grab a High Life or wine and sit out on the patio. Choose from margherita, mushroom, "multi-cheese" and my favorite (shown here), hot coppa. Available from 4 p.m. to 9 p.m. Don't call ahead, they're ready. Just walk in and ask for your favorite.

A Sunday Bike Ride on the Katy Trail

Green Papaya on Oak Lawn

3211 Oak Lawn Ave Dallas, TX 75219

It was actually the fun look of the restaurant next door that brought me to the corner of Hall and Oak Lawn in Dallas. Cyclone Anaya's Mexican Kitchen has an attractive outdoor seating area lit by flame.  

Moving through the revolving door, the atmosphere seemed just as fun inside, but it was just too loud. I understand it's that way on Friday and Saturday, so we decided to come back on a week night.

A second option was only steps away at Green Papaya, and it actually had a better rating on Urban Spoon. We both had noodle dishes, one pho, and the other with charcoal chicken. Both satisfied. The egg rolls were also exceptional. This will be a frequent stop.

I also want to add that this is one of the great things about urban neighborhoods. If one restaurant has an issue or another--and you know the more people you bring along, the more likely it is that someone will just not cooperate-- then there's no need to get back in the car. This area has a significant density of restaurants, enough that it can be a destination even without a particular eatery in mind.  

The Image and Ideas of Dallas

Steam Engine in Grapevine, Texas

I arrived in Dallas in the early part of 2010 and was greeted by some snow. That was the first preconceived notion about the region that was broken for me.

I moved here with my partner from Brooklyn. I was concerned people in the South would have some animosity to New Yorkers- its that one cover of New York Magazine, which I think featured Newt Gingrich the on the cover, with the headline WHY AMERICA HATES NEW YORK. With that I suggested we say we hailed from Pittsburgh, the city we lived in prior to Brooklyn.

Eventually I got around to saying Brooklyn. It was easier that backtracking and explaining the last two years that followed our time in Pittsburgh-- in the capital of the world. It was pretty hard anyway given the license plate was still from New York and the back of the car said Bay Ridge Honda.

Compared to New York, or even Pittsburgh, we figured there wasn't much of a city in Dallas. Sure there were skyscrapers, but you couldn't really walk around or use public transit. With that we figured if we must drive, it may be wise to find a somewhat walkable suburb and at least limit travel time to my partner's work near the airport. We found Grapevine, Texas.

There was always some chance we would move again, but the four beasts that came along made it hard to find a rental, at least one in a place we would feel comfortable living. So we bought a house. The size of course made it attractive-especially compared to the 700 square foot apartment in Brooklyn.

On one of the first days here I heard the sound of a steam train. This was familiar to me as I grew up in a town with a steam train, however the sound of the train came a bit later. It's more accurate to say there was the rusting hulk of a steam engine that sat at the local landmark known as the Horseshoe Curve. For me, and many others in the town, it represented a glorious and prosperous past. Altoona wasn't a rust-belt city exactly-it hadn't been as hard hit as the towns with mills, like Johnstown and Pittsburgh. But it was always clear downtown and elsewhere that things weren't what they used to be.

Then one day came the inspiration and funding to make the old rusting hulk of metal run again. That they did, although it didn't last long before the boiler blew and the engine was removed from public view.

That was the background for me of hearing this steam engine in my new town of Grapevine. Exploring more, I discovered they also had a nice train station and the trains, while not always powered by steam, made regular runs to the Fort Worth Stockyards. Grapevine has two things Altoona didn't have, a working steam engine and a viable Main Street.

Altoona was something I left long ago, however and the infatuation with Grapevine began to dissipate. It never was an infatuation exactly, rather a best option at the time. Don't get me wrong, it's a great place to live, and perhaps the best suburb in the region as far as being a distinct, somewhat walkable place. The thing is, I didn't come directly from Altoona to Grapevine. I have spent 20 years in Brooklyn, Pittsburgh and San Francisco in between. After a little more than a year here, the trips to Dallas, and to some extent Fort Worth, became so frequent, and the longing for a more urban environment so strong, it became apparent that the thing to do was move.

This is the point where this blog begins.