Show number of farms in unwilling hands decreases further oakland calif jan 29 for the second successive year since 1929 farm real estate holdings of leading mortgage lending institutions U such as units of the farm credit administration state m mortgage T t credit agencies and life insurance n companies have shown a reduction according to F F hill governor of the farm credit administration these institutions sold more farms than they acquired during 1937 and thus reduced their real estate inventories said governor hill when insured commercial banks holdings are included with the federal land banks land bank commissioner and state credit agencies investment in farm real estate amounted to on january 1 1937 but was reduced to by the first of last year farms and sheriffs certificates certificates temporarily in the hands of the federal land banks on the first of this year represented an investment of compared with on january 1 1938 holdings by the federal farm mortgage corporation however continued to increase during i ng 1938 and on january 1 1939 amounted to or about 3 per cent of the loans outstanding in view of the fact that the corporation has been in existence only since 1934 governor hill explained it is reasonable to expect that a rising trend of real estate acquisition will continue until such time as these loans are fully seasoned liquidation of mortgage loans by all creditors through sale at foreclosure were at the estimated rate of 28 farms for every 1000 mortgaged farms in 1934 said governor hill the foreclosure rate declined gradually in 1935 and 1936 during the year 1937 foreclosure sales reached about 19 out of every 1000 mortgaged farms based on reports received for the first nine months of 1938 the annual rate for the whole year is estimated to fo be about 17 out of everi every 1000 mortgaged farms governor hill said that the demand for farm mortgage credit during the past year was slightly less than in 1937 thus continuing the trend which has been noticeable since 1934 when there occurred the peak of the re fidanc ing period |