The Home Affordable Modification Program (HAMP) has succeeded in limiting the supply of distressed properties to hit the market and, as a result, has helped stabilize prices. That success may be short-lived.

Laurie Goodman, a senior managing director at Amherst Holdings's Amherst Securities Group, warned in a research note this week that the massive shadow inventory of homes waiting to go into foreclosure will inevitably lead to a double dip in home prices.

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