The U.S. housing market is starting to improve, Bank of America Corp. Chief Financial Officer Bruce Thompson said.

“We’ve clearly begun to turn a corner,” Thompson told reporters on a conference call after the Charlotte, North Carolina-based firm reported third-quarter earnings. “At the same time you have to remain cautious because there are headwinds out there.”

To contact the reporter on this story: Hugh Son in New York at hson1@bloomberg.net

To contact the editor responsible for this story: David Scheer at dscheer@bloomberg.net