Contents: The situation in general -- Farm real estate values (The year's declines touched all sections - Large declines in earnings a factor - Drop in cotton prices lowered southern values - Northeastern and far-western values held up well - A disappointing crop year aided midwestern declines - Two other factors are operating in the Corn Belt - Decline from 1920 peak now 30 per cent - Values are drifting toward pre-war levels - Farm-building values have increased - Farm buildings in some States valued higher than land - The value level, by counties, 1925) -- Changes in farm ownership (Tentative character of the data - Rates of change, year ended March 15, 1927, with comparisons - Rate of forced sales still high) -- Farm real estate taxes (Taxes still absorb large share of earnings - Farm taxes have not yet turned downward - The farm tax outlook) -- Farm credit (Loanable funds are in abundant supply - Farm mortgage rates continue favorable) -- Appendix (Sources of data and methods of compilation - Tables of farm bankruptcies and census values) -- Literature cited.