Plunging home values drained $23 billion from Portland area real estate values in 2008, according to Zillow.

Zillow recently released its Q4 Report, covering 161 metropolitan areas. Nationwide, home values fell $1.4 trillion in the fourth quarter, including $14 billion in Portland. According to the report Portland area home prices fell 11.7 percent in 2008, The average national decline was 11.6 percent.

Here’s how Portland’s residential real estate market faired:

• Roughly 1/5 of all homes sold in 2008 involved property sold at a loss.

• 12.2 percent of 2008 transactions involved foreclosed real estate.

• 21.2 percent of all homeowners in Portland owed more on their homes at the end of 2008 than they were worth.

• 9.8 percent of all transactions in 2008 involved a sale in which the price was less than what the seller owed on the mortgage, a so-called “short sale.”

“A witch’s brew of economic insecurity, foreclosures and tightened lending standards are helping to keep hard-hit markets down and to widen the scope of markets showing declines in home values,” said Stan Humphries, vice president of data and analytics for Seattle-based Zillow.