Absolutely. The "bubble," a.k.a. homes prices in the Denver area and throughout the nation, BURST in 2008. If you purchased a home (especially a new home) between 2003 and 2008, it's likely your home is worth less in today's market. I also wonder if your appraisal in 2008 was for a re-finance?
Appraisers, though it's gotten much more difficult, used to sign off on literally any value for a re-finance because the loan had zero risk to the bank. You are already their customer and they "THOUGHT" they had nothing to lose.
Oops ... not only did homeowners get ripped off was ridiculously high appraisal values, but the banks lost, too. That is the primary reason the market crashed -- overinflated values, loans given to anyone who had a pulse, etc.
The good news for you today is values, in many areas, have made a comeback and it appears prices will continue rising due to huge buyer demand and low seller supply. If I can help further, please let me know.
Julie Montgomery, RE/MAX Masters, Inc., Greenwood Village, CO www.jmontgomery.com