We have seen this after periods of heavy rain. The weather tonight stated that we have had almost double the amount of rain for the last 30 days.
We had a homeowner state that he found this a few months ago on the decorative trim on his home....but now a few months later there was zero evidence of any bubbling.
We often find this and write it up when found. As stated above, sometimes when the home's stucco dries out, these bubbles disappear and show no evidence of ever being there. As it comes and goes, this is often not detectable.
This is caused by moisture intrusion through the paint, or stucco not dried out enough when the paint is applied. We have also been told this can be a paint/primer issue.
As VillageTinker stated, a call to Florida paints is your first step if your home is over a year old. If the home is within the first year I would contact warranty.
Hope this helps.
Frank D.
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Florida licensed Home Inspector #HI688. (352) 250-7818
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