Lyric discussion by shakemybones33 

Frankie lee is duped into making a deal with (to him) an unrecognizable evil. I believe dylan purposely portrays frankie and judas as good friends in the first couple stanzas in order to drive home the point that those close to you, whom you would least expect, can you lead you into the most evil of deeds. In my opinion the line "It's not a house, its a home," is an overlooked deceptive description of a whore house in which judas priest (dylan) is subliminally telling frankie (or the listener) that the bad habbits taking place at the whore house can become his own. We usually describe other people's "homes" as a "house" and only when speaking of our own house do we actually use the term "home."

As far as the neighbor boy, I believe he represents youth and innocence. He recognized the true evil that judas is supposed to represent, hence his guilt over frankie's death and hence the reason he assumes the chore of carrying his body.

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