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Zillow CFO and COO Spencer Rascoff appeared on CNBC today with Diana Olick to discuss Zillow’s Q1 Real Estate Market Reports that just came out. Spencer discusses some interesting findings, such as “shadow inventory” around the 3:30 mark and what he thinks is an L-shaped recovery around 4:21 of this 6:25-long video. Click the video to watch:

Broker Lenn Harley of Rockville, MD, praised Spencer for “understanding the insidious nature of negative equity.” Care to hear more from Spencer? Follow Spencer Rascoff on Twitter.

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