Michael Thaman, the CEO and chairman of the building materials company Owens Corning, told CNBC Wednesday that a "choppy housing market," causing a weak demand for roofing and other products, was partly responsible for a third-quarter net income drop of more than a quarter.
The company's shares also fell by 6 percent.
"Our roofing business, which is a repair and remodel business, should be strong," said Thaman. "Roofing has been the weakest over the last four or five months. It's the homeowner being cautious. We are seeing near-term stress. Over the long term, people will replace their roofs."
To solve the housing crisis, Thaman said troubled homeowners need to feel confident that they can stay in their homes, service their debt and create equity value.
"What’s good for housing over the long term is always good for the US economy," said Thaman.