Spencer Rascoff on Good Morning America

In case you missed it, Zillow’s COO Spencer Rascoff appeared on Good Morning America this weekend to discuss the latest housing numbers.

According to the National Association of Realtors, existing home sales increased 9.4 percent in September. Spencer discusses how the first-time home buyer tax credit, extremely low mortgage rates, and a plethora of bargains (foreclosure resales made up 21% of all sales in August) have all contributed to this latest jump in resales.

So, is now a good time to buy?  If you plan to stay in your home 5-10 years, now is a great time to start looking. But make sure you are buying a home because you love it and want to live there, not because you’re trying to profit from timing what you perceive to be the bottom of the market. Zillow’s chief economist Dr. Stan Humphries expects home values to start dropping again until sometime in the spring of 2010 and remain flat for some time.