Blistering Paint

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I live in a 95 year old house. We bought it couple of years ago. The interior wall paint is blistering on some wall (not all) and it appears over the stud locations (you can actually discern the stud locations by where the paint is blistering/peeling. You would think it was poor surface prep prior to painting but why only some walls (like three walls out of 20).

I was thinking maybe it has something to do with moisture intrusion from the crawl space (under the floor is not insulated yet)....anybody ever heard of this before? And how can I fix it and get the walls smooth again without trying to remove all the paint?
Allen