Contents: The situation in general -- Farm real estate values (Wartime conditions cause widespread value increase - Current rise follows most stable 5-year value period this century - Wartime demands with increased income encourages value rise - Farm real estate taxes decreased in 1940 - Farm values may become more responsive to price and income change) -- Movement in farm income and farm real estate value (Income and value relationships since 1910 - Possible developments resulting from wartime economic conditions - Regional changes in values and incomes) -- Ratio of cash rent to value (Cash rents respond slowly to changes in farm-commodity prices - Ratio of rents to values generally higher) -- Land market activity and agricultural credit (Market activity stimulated by favorable credit influences - Interest rates continue low - Mortgage recordings increase) -- Ratio of farm-mortgage debt to value of farm real estate -- Changes in farm ownership (Wartime conditions result in improved buyer attitudes and increased voluntary sales - Active sales reduce land holdings of principal lending agencies - Substantial share of voluntary sales made to active farmers - Downward trend in number of forced sales continues - Indices compiled of voluntary and distress sales since 1912).