The demand for roofing materials is currently weak. The building materials market has been hurt by the continuous softness of the U.S. housing market. Many including Owens Corning do not expect weakness in the roofing business to improve during the remainder of the year.

Owens Corning’s (NYSE:OC) third-quarter earnings fell 65%, amid steep declines in demand for roofing materials. Owens Corning reported a profit of $44 million, or 37 cents a share, down sharply from $124 million, or $1.01 a share, a year earlier.

The company has officially reduced its 2012 earnings outlook and cut its expectations. As well as other well respected companies in the roofing industry today.