Some housing markets are heating up despite sinking values.

Mark Andrews, vice-president sales and marketing at the $600million Clark County Credit Union, said his local Las Vegas marketis so hot, "most of the bank-owned properties are gone," and manyVegas deals are limited to short sells.

"About 40% went to out-of-state investors, which means a lot ofpeople in-town bought homes as investments," Andrews said.

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