[header] How to troubleshoot exterior paint problems [title] Assess whether peeling paint is caused by too many layers of old paint. [step] Other possibilities are a poorly prepared surface or too much moisture. To fix peeling paint : [substeps] Remove peeling paint by power washing, sanding or calling in a professional to use a torch. 
Repair any problem areas in the wood with vinyl spackling compound. Sand the exterior, particularly the speckled areas.