New York-area home prices still to plunge?

While the rest of the country looks forward to a bit of a respite in the hard, grinding slide of property prices, New Yorkers will enjoy less relief in 2010. Mark Zandi, chief economist of Moody’s Economy.com, said prices are still inflated compared to rents, eroding the possibility of price improvements in the near future. The New York City metro area ranked 84th-worst out of the 100 markets in his forecast, with the 2009 median home price of $416,730 expected to fall another 15.63 percent, ahead of his national forecast range of 5 percent to 10 percent. Rounding out the regional duds, Nassau County in Long Island ranked 76th, with the $368,260 expected to drop 13.14 percent and Newark, N.J. was No. 71, with the $367,380 median slated to drop 11.29 percent. [Fortune via CNN Money]