Moody's: Korean property prices may fall further

South Korea's home prices will continue to fall after declining about 10 percent in areas around Seoul this year, Moody's Investors Service said.

"We expect that the downward correction in the housing market will continue over the short- to medium-term, as the rapid hike in prices as a result of a decade-long boom has significantly reduced affordability," Moody's said in a research note Tuesday.