Home values in the Portland metro area have fallen 12 percent in the past year. Based on that drop,approximatelyone-third of Metro area homeowners owe more on their mortage than the appraised value of their home.

Zillow's fourth quarter real estate data shows 32 percent of homeowners in the metro areahad negative equity, compared to 27 percent nationally.

Portland's drop in home values was double the national average, which was down5.9 percent year to year.

Local homeowners in that predicamentmet at Hopworks Urban Brewery Tuesday night to discuss the mortgage mess.

According to the Zillow data,26 percent of all homes sold in December weresold for a loss.

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