Contents: The situation in general -- Farm real estate values (Values continue upward in most States - Further increases in farm income stimulate values - Regional changes in income reflected in value changes - Emergency refinancing continues, but at a declining rate - Ratio of cash rent to value of farm real estate remains up - Rents and values for 35 years compared) Changes in farm ownership (Voluntary transactions increase for the third successive year - Farmers more active as buyers at voluntary sales - Fewer foreclosures than in any year since 1931 - Tax sales decline further - Number of bankruptcies among farmers again turns downward) -- Farm mortgage credit conditions -- Farm real estate taxes -- Literature cited.