In Houston, $225,000 will buy a three-bedroom house with a game room, den, in-ground pool and hot tub.

In Manhattan, it will buy a parking space. No windows, no view. No walls.

While real estate in much of the country languishes, property in Manhattan continues to escalate in price, and that includes parking spaces. Some buyers do not even own cars, but grab the spaces as investments, renting them out to cover their costs.

Spaces are in such demand that there are waiting lists of buyers. Eight people are hoping for the chance to buy one of five private parking spaces for $225,000 in the basement of 246 West 17th Street, a 34-unit condo development scheduled for completion next January. The developer, meanwhile, is seeking city approval to add four more spots.

Parking in new developments is selling for twice what it was five years ago, said Jonathan Miller, an appraiser and president of Miller Samuel.

Although spaces in prime sections of Manhattan are the most expensive, even those in open lots and in garages in Brooklyn, Queens, Riverdale and Harlem are close to $50,000, although at least one new Brooklyn development is asking $125,000.

Once more, SEPTA is on the ropes. It faces a $130 million budget deficit in the coming fiscal year, and unless the state finds a way to plug the hole, services will be cut and fares increased.

In other words, business as usual. Mass transit gets short shrift most places in this country, but nowhere is the political deck stacked against it more deliberately than in Philadelphia. This despite the fact that the city is blessed with a transit infrastructure that would be prohibitively expensive to build today, is being used by about a third of the city's commuters (a percentage that is inching up), and is . . . you guessed it, gradually rotting away.

CHICAGO, March 25 - The century-old elevated train system here is as much a city fixture as the towering skyline and the piercing blue waters of Lake Michigan.

But deteriorating tracks and trains, chronic budget shortfalls and a region ever more dependent on rail service are forcing Chicagoans to confront the possibility that the system, commonly known as the El or the L, may be at a breaking point.

"We're living on borrowed time," said Frank Kruesi, the president of the Chicago Transit Authority, which runs the rail service. "The fact is, there's no magic wand when we're looking at modernizing a system that's 100 years old in a very dense urban environment."

The El, with its 1,190 rail cars and 222 miles of track, is the rail component of the transit authority, the second-largest public transit system in the country after New York's. The C.T.A.'s trains and buses serve the city and 40 suburbs, logging 1.55 million rides daily. The El alone accounted for more than 195 million rides last year.

Brian Taylor

"When Finance Leads Planning: The Influence of Public Finance on Transportation Planning and Policy in California"