Home Depot CEO Frank Blake says a full recovery in the housing segment will take at least two years because of steep losses experienced in the period stretching from 2007 through 2009, according to a Reuters article.

Blake acknowledged that the housing recovery is already underway, but a full recovery is years off.

Home Depot’s success in the marketplace rests squarely on construction activity levels, making the recent thaw in housing good news for the firm.

Still, Blake is cautious about calling it a turnaround when chatting with Reuters.

“The way we look at it is there’s going to be a period of a workout, a fine period of one to two years and then you’re going to get a more robust recovery,” Blake told the paper.

The stalled recovery is the result of lingering issues in the mortgage credit markets and a large inventory of distressed properties, according to Blake.

“The way we look at it is there’s going to be a period of a workout, a fine period of one to two years and then you’re going to get a more robust recovery,” the CEO told the publication.