Moisture under siding?

[Joe Van Orsdol]

I had an inspection yesterday with the old fiberboard siding.  At one point where the siding was bowed out, there was frost underneath.  Is that any indication of something else? 

My guess is that the house was not Tyvek'd and there is air leaking out at that point and since it was -10, it formed frost.

[Bill Warner]

Pictures?

[Joe Van Orsdol]

Attached.

[Bill Warner]

I'd say your guess is pretty close and looks like it's been doing that for some time looking at that swelling.
Nice picture!

[Jay Markanich]

Is that Louisiana Pacific siding Joe?  Hard to tell from the picture.  A thermal image of that wall, inside and out, should be interesting.

[Dennis R Goudreau]

I think you have the answer as well , Jay is right on IR would disclose the full extent