The White House recently announced a new effort to curb foreclosures, the latest in a string of initiatives to prop up the housing market. This Wall Street Journal editorial ponders what would have happened if officials had let the housing market find its natural bottom on its own. "The pain would have been more severe more quickly for some owners who bought more expensive homes than they could afford. But the pain might also be over by now as housing markets cleared faster, and housing might be contributing to a healthier economic expansion," the Journal argues.

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