Contents: The situation in general -- Farm real estate values (Values continue adjustment to lower price level - Income from agriculture during 1931 back nearly to pre-war level - Values in North Central States drop sharply - Declines in Southern States continue - Mountain and Pacific States report severe declines - Smallest declines reported from North Atlantic States - Census reports facilitate cross-section study of values) -- Changes in farm ownership (Forced transactions increase, voluntary selling declines - Total farmer bankruptcies decrease, but higher in some States - Proportion of sales to nonfarmers increases) -- Farm-mortgage credit -- Farm real estate taxes (Decreased farm real estate tax per acre indicated).