We had repairs done on our house about two years ago, and an entire side of the house sided in Hardiplank siding (over new plywood and two layers of felt paper). It was factory primed (I think), with one coat of finish paint (Benjamin Moore Exterior Latex) put on in the shop (indoors, before the siding was hung) and another about 6 months after it was hung.
We live in a damp climate, in a windy spot, so that side of the house gets a fair amount of wind-driven rain pounding on it.
About two weeks ago, I noticed a few blisters in the paint. It's increasing by the day, and there is now a significant amount of paint blistering and peeling on that side of the house.
It's certainly possible that wind-driven rain has worked its way behind the siding. But, the main reason we chose to go with Hardiplank rather than the cedar that was there beforehand was the understanding that Hardiplank won't absorb moisture the way wood will, and peeling paint shouldn't be a problem.
Has anyone seen this problem with Hardiplank? Any suggestions for dealing with it?