Contents: The situation in general -- Farm real estate values (Rising real estate values more general than during preceding year - Continuing improvement in income to agriculture supports realty values) Regional changes in income support changes in farm real estate values -- Ratio of cash rent to value of farm real estate -- Emergency refinancing recedes; private lending expands slightly -- Changes in farm ownership (Voluntary farm transfers more numerous than for several years - Farmers more active in farm buying - Number of farm foreclosures declines further but with great regional variation - Farmer bankruptcies again decline, but compositions and extensions increase) -- Farm real estate taxes -- Farm mortgage credit.