GOOD FAITH, by Jane Smiley, Alfred A. Knopf, 417 pages, $26.

You may not be able to remember when you last read a novel about real estate — and if you recently purchased a house, you might think you're not interested in starting now. But put that behind you and do it anyway; Jane Smiley is a winner.

"Good Faith" is her 12th novel, and this one, about buying and selling houses and development deals, may be one of her best.

Smiley thrives on the comic novel. This one is really both serious and

comic — and the comedy comes in the form of subtle satire. It tells the story of Joe Stratford, a divorced, 40-year-old New Jersey Realtor, who wheels and deals his way through life. Honestly, that is. He is a good guy, wants to be fair in all his dealings, but he is not always discerning enough to keep himself from getting taken.

Into his comfortable existence comes Marcus Burns, an IRS agent turned "investment counselor," who has grandiose ideas about making money and spins a good yarn about virtually anything. Joe, who has never really had a close male friend, becomes Marcus' friend overnight. Almost before Joe even knows if he likes Marcus, they are in business together.

Gordon Baldwin, a 60-year-old associate of Joe's, actually sees through Marcus before Joe does — but thinly. All three join in the purchase and development of a 580-acre estate of a wealthy elderly couple. Although the deal is destined to go sour, the characters embrace it with excitement, a kind peculiar to real-estate deals.

Smiley speaks so convincingly about real estate that the reader becomes immersed in that world — sales techniques, land values, the tendency to take risks and all the vital ingredients. When the major characters gather, they talk real estate. But welcome subtleties give the questioning reader major doubts and lull the accepting reader into a false sense of security.

In other words, Smiley talks out of both sides of her mouth. If you are in fact a real-estate agent, you will probably enjoy this novel and not take offense. If you are suspicious of Realtors or have had unhappy experiences, you may still enjoy this novel. That is because Smiley, the storyteller, stands back and allows the reader to judge.

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There are romantic diversions as well. After all, Joe would like to marry again. Ironically, he falls for Felicity, the most interesting character in the book. She is Gordon's daughter and is married, so their romance develops erratically on the sly. Felicity is a witty and wonderful character.

Because Joe knows Felicity will never be free, he allows himself to be "lined up" with Susan, a beautiful blonde who recently returned from living in Spain. She is single, conservative and predictable, except for a strange interlude with cocaine that should have sent Joe running, but didn't. In the meantime, Joe continues toward the big bucks.

Smiley writes in a light, colloquial style that fits these characters to a tee. And if the reader comes away with renewed skepticism about business deals and more insight into life's most important values, so be it.


E-MAIL: dennis@desnews.com

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