I just bought a condo a few weeks ago. There was one area of one of the walls that looked like the paint was a tad stretched out. I didn't worry too much about it and the home inspector didn't make any special note of it. However, the area seems to have become more noticeable. Observe:

ImageShack® - Online Photo and Video Hosting

I'm thinking it wouldn't be too tough to fix. First you make sure the outer wall is sealed and then go through this process: DIY Repair Bubbling and Blistering Paint | Pictures and instructions for fixing paint bubbles in drywall and plaster.

I'm just curious as to how concerned I should be about this and how I can determine the type of paint and primer used for this wall. It appears to be semi-stretchy, almost like latex? If anyone has had an issue like this before, some insight would be great. Thanks in advance for any pointers you might be able to provide.

 

Did someone paint over wall paper? If not, is there water damage?

 

There are several different reasons that could be the cause of the bubble. You need to cut and scrape off the bubbled paint. That should allow you to determine what is behind it. If it's shiny paint, use 80 grit sandpaper to rough it up and then apply your spackling or joint compound. If it's down to the gypsum core of the drywall - coat the area with either an oil base primer or Zinnser's Gardz - then begin the repair process.

Latex enamel are always kind of stretchy, waterborne, oil base and flat paints are not.

 

I'd bet on water damage to the wall. Is the wall on the first or second floor? Is there a bathroom above it? Definitley scrape it off and see whats underneath. Could be mildew or damaged drywall.