Contents: The situation in general -- Farm real estate values (Declines widespread and severe - Prospective earnings as well as realized earnings important in value structure - Realized earnings in 1930 generally unsatisfactory Adjustment of earnings to value structure continues - Burdensome supply of land remains to be absorbed - Restricted credit a factor in market congestion - Buyers cautious and inclined to wait turn in market - Values down in the West North Central States - Renewed declines in values in the South Atlantic States - Severe declines in values in the South Central States, cotton prices and drought reduce incomes - Values down in the East North Central States - Slight change reported in values in the New England States -Values in Middle Atlantic States lower than last year - Values in the far West again turn down -- Farm realty values in several foreign countries react to low prices -- Changes in farm ownership (Forced-sales rates increase sharply - Number of farm bankruptcies continues downward in most sections - Voluntary sales drop—farms in strong hands not for sale - Forced sales higher in relation to voluntary sales - Little change in administrators' and executors' sales, inheritances, and gifts - One-third of transfers voluntary, two-fifths forced, one-seventh inheritance and gift - Local farmers buying for operation continue leading buyers at voluntary sales - The industrial depression and the demand for farms) -- Farm credit -- Farm real estate taxes (Tax per acre declines slightly - True tax rate increases) -- Appendix (Sources of data and methods of compilation) -- Literature cited.