Bubbles resulting from localized loss of adhesion, and lifting of the paint film from the underlying surface.
Possible Causes:
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Painting a warm surface in direct sunlight.
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Application of oil-based or alkyd paint over a damp or wet surface.
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Moisture escaping through the exterior walls (less likely with latex paint than with oil-based or alkyd paint).
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Exposure of latex paint film to dew, high humidity or rain shortly after paint has dried, especially if there was inadequate surface preparation.
Solution:
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If blisters go down to the substrate try to remove the source of moisture. Repair loose caulking. Consider installing vents or exhaust fans. Remove blisters (see Below).
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If blisters do not go all the way down to the substrate remove them by scraping, then sanding, prime bare wood and repaint with a quality latex exterior paint.