We derive necessary conditions for finite systems to exhibit two local
ly stable states with respect to fluctuations in the microcanonical an
d canonical ensembles. The requirements are, respectively, that there
be two inflections in the logarithm of the probability distribution of
the energy or the number of particles in the canonical or grand canon
ical ensembles. The thermodynamics associated with the whole phase spa
ce may be related to quantities averaged over regions of phase space a
nd are consistent with van Hove's theorem.