Bubbles resulting from localized loss of adhesion, and lifting of the paint film from the underlying surface.
Possible Causes:
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Applying oil-based or alkyd paint over a damp or wet surface.
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Moisture seeping into the home through the exterior walls (less likely with latex paint).
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Exposure of latex paint film to high humidity or moisture shortly after paint has dried, especially if there was inadequate surface preparation.
Solution:
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If blisters do not go all the way down to the substrate: Remove blisters by scraping, and sanding, and repaint with a quality acrylic latex interior paint.
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If blisters go down to the substrate: Remove the source of moisture, if possible. Repair loose caulking; consider installing vents or exhaust fans. Remove blisters as above, remembering to prime before applying the top coat.