<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM BALANCE 
SHEETS AS OF OCTOBER 31, 1996 AND JANUARY 31, 1996 AND STATEMENTS OF OPERATIONS
FOR THE NINE MONTHS ENDED OCTOBER 31, 1996 AND 1995 AND IS QUALIFIED IN ITS 
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000082473
<NAME> REALTY REFUND TRUST
       
                             
<PERIOD-TYPE>                   9-MOS
<FISCAL-YEAR-END>                          JAN-31-1997
<PERIOD-START>                              FEB-1-1996
<PERIOD-END>                               OCT-31-1996
<CASH>                                         307,071
<SECURITIES>                                         0
<RECEIVABLES>                               13,377,687
<ALLOWANCES>                                 5,000,000
<INVENTORY>                                          0
<CURRENT-ASSETS>                                     0<F1>
<PP&E>                                       6,684,122
<DEPRECIATION>                                       0
<TOTAL-ASSETS>                              15,710,873
<CURRENT-LIABILITIES>                                0<F1>
<BONDS>                                     10,195,000
<COMMON>                                     4,544,140
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<OTHER-SE>                                           0
<TOTAL-LIABILITY-AND-EQUITY>                15,710,873
<SALES>                                              0
<TOTAL-REVENUES>                             3,254,267
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                             2,087,810
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                             863,959
<INCOME-PRETAX>                                302,498
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                            302,498
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                   302,498
<EPS-PRIMARY>                                      .30
<EPS-DILUTED>                                      .30
<FN>
<F1>THE REGISTRANT UTILIZES AN UNCLASSIFIED BALANCE SHEET THEREFORE, THE CAPTIONS
"TOTAL CURRENT ASSETS" AND "TOTAL CURRENT LIABILITIES" ARE NOT APPLICABLE
</FN>