The farm real estate loan market has changed in terms of loan volume and the participation of rural banks. The total volume of farm real estate loans declined to $74.7 billion by 1990, as a result of farm sector financial problems and the ensuing debt consolidation. Since 1990, farm real estate loan volume has increased gradually, and is projected to have reached about $84 billion in 1997. The post-1990 increase in farm real estate loan volume reflects numerous factors that are affecting the demand for debt financing and refinancing. Commercial bankers appear to have responded to this increase in the demand for farm real estate financing. The result is an observed shift in farm real estate market shares and an apparent change in the competitive environment.