A very common occurrence in eaves is at first glance can be a minor
cosmetic blemish.  Only upon closer inspection can we determine if what
we are looking at gives us reason to be concerned.  
The material could simply be buckling from age, or maybe
moisture has penetrated the eaves, and caused the material to rot.  
There could be an active leak  not only rotting the eaves, but also attacking
the framing behind the siding.
With any of these conditions, the potential for a carpenter ant infestation is
greatly enlarged.  A thorough inspection should be conducted.   

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