Real estate

Real estate shares its single entry with the banking and credit market headings: a reading of Bank of America’s annual filing, where the property exposure sits inside the loan book rather than in a separate chapter. The column’s point was that a mortgage book is where a housing market shows up in an institution’s own documents, long before it shows up in a price index.

The portal treats the roof itself in its Housing section — assessed value against market value, insurance that is priced on replacement cost, and the bills that arrive whether or not a sale is planned. Those are new materials. The entry listed below belongs to the earlier column, stays at the address the column gave it and carries its original date and byline.

The order of events is the column’s actual argument: a mortgage book moves before a price index does, which is why an institution’s own filing can say something about housing that a market report has not caught up with. The portal’s housing material runs the other way round, from the documents a single household receives to the figure behind them. Both are readings of paperwork. The entry below exists once, at its original address, and appears in more than one of the column’s rubric indexes.