Here's an old-fashioned dessert as American as apple pie. It's quick and easy to prepare and especially delicious when topped with a scoop of ice cream. You don't need to peel the peaches unless the skins are very thick and fuzzy. To peel, blanch the fruit in boiling water for 1 minute, then plunge into ice water to loosen the skins. If you have a bounty of nectarines, they also work well in this recipe, as do dried blueberries, so feel free to make substitutions or create new combinations.
Position a rack in the lower third of the oven, and preheat to 375 degrees F.
Place the peaches and cherries in a large bowl, and toss with the almond extract and lemon juice.
In a separate small bowl, combine the brown sugar, cornstarch, and nutmeg, whisking to blend. Add the sugar mixture to the fruit and stir gently to combine. Divide the fruit mixture among 8 shallow oven-proof dishes or ramekins.
Make the streusel topping by combining the flour, sugars, and salt in a small bowl. Using two knives or your fingers, cut the butter into the dry mixture, mixing until it resembles pea-sized gravel. Top each ramekin with about 1/4 cup of the streusel mixture.
Bake until the fruit bubbles and the topping is golden, 25 to 30 minutes. Serve warm with vanilla ice cream, if you like.