Channel 8 in Las Vegas aired a story Monday that warns of signs that the local housing market may be overheating--again.

The Las Vegas housing market has finally emerged from a long dark period. Home sales are up, home values are way up, and the tens of thousands of jobs lost during the economic collapse have been recouped, according to state officials.

But there are warning signs that we might be headed for another housing bubble, and some financial experts warn that we should not forget the lessons learned since the bubble burst almost 10 years ago.

Five years ago, the I-team unleashed a massive project called "Desert Underwater," which explained the reasons why the Nevada economy -- once thought to be recession proof -- collapsed.

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