Contents: The situation in general -- Farm real estate values (Farm real estate values show slight decline during past year - Values influenced by farm income and prices) -- Regional changes in farm real estate values associated with changes in income -- Ratio of cash rent to value of farm real estate -- Rents and values since 1900 compared -- Agricultural-credit situation continues favorable (Trend of farm-mortgage debt - Real estate holdings of principal lending agencies -- Farm real estate taxes -- Changes in farm ownership (Frequency of voluntary farm transfers continues high - Farmers continue active in farm buying - Downward trend in number of farm real estate foreclosures continues).