Hm. Denver. I needed to do some research before I could answer that one. I don't know
everything yet.
According to what I can find, it appears that housing prices are indeed in decline in and around Denver, and that while the bubble wasn't as severe there as it was in other places it was there.
10321 W. 59th Ave, originally purchased $194,000, 2005, currently listed $55,000
10236 W. 59th Place, originally purchased $179,000, 2006, currently listed $68,900
10356 w. 59th Place, originally purchased $179,000, 2005, just sold $100,000
10371 W. 59th Ave, originally purchased $194,000, 2005, just sold $70,000
10229 W. 59th Ave. originally purchased $194,000, 2005, just sold $103,000
10356 W. 59th Place, originally purchased $179,000, 2005, just sold $75,000
In general, there has been housing price inflation almost everywhere, and as a result there is now housing price deflation almost everywhere. Some places are pretty immune, such as a property my father owns in New Mexico - not even close to a service road, purchased many decades ago by his mom because everyone was investing there on the off chance that there might be uranium under the ground. It's an empty barren desert miles from the nearest small town, and its value has held pretty steady at $2000 the entire time.
The higher the initial value, the greater the chances there's been a bubble. The greater the concentration of people the greater the chances there's been a bubble. If you want to know if any given area has had one, a good tool would be to go to
Zillow and look at the historic charts and see how the value today compares to the value in early 2007, early 2004, and 2000. Most places have.