Contents: The situation in general -- Farm real estate values (The year's declines generally less than that for 1926-27 - Generally improved earnings not shared by all areas - Northeastern values continued to hold comparatively well - Southern values still showed effect of low cotton prices of 1926 - Far Western earnings generally on sustaining side of values - Cattle "comeback" constructive factor in Western values - Montana values showed encouraging stability - Dakota values showed smallest decline in years - Year's earnings in most Middle Western States not encouraging to values - Iowa values showed smallest decline in seven years - Other factors at work in continued Middle-western declines in value - Corn Belt values being lowered to yield higher rates of return - The foreclosed-farm situation still a market problem - Deterioration of agriculture's physical plant usual accompaniment of depressions - Values continued their general drift toward pre-war levels - What are farm buildings worth? - Small farms have declined least in value) -- Changes in farm ownership (Tentative character of the data -Foreclosures showed declines in the Dakotas, the far West, and the Northeast - Foreclosure rates in Corn Belt showed few declines - Rate of forced sales still generally high - Volume of voluntary sales generally down, but up in Northwest - Volume of voluntary buying not yet normal - Buyers mostly local farmers buying for operation - Inheritance and gift accounted for an eighth of all transfers -- Farm credit (Rates remain favorable, with tendency toward greater credit conservatism - Interest rates later may reflect recent changes in money market) -- Farm real estate taxes (Burden of taxes on farm real estate still heavy - Farm taxes climbed a little higher in 1927 - Not much relief seen in farm-tax outlook -- Sources of data and methods of compilation (Index number of farm real estate values - Changes in farm ownership - Character of voluntary buying) -- Literature cited.