Photo Observations Gallery
An overhang or balcony, as in the picture above, can have serious moisture intrusion and/or damage if it does not have the proper ventilation components. Stucco, being a pourus material, naturally takes in water and need this water to drain out.
Here is an example of the damage that an overhang with moisture trapped in it can have.
This is a similar situation underneath a window. Without a proper exit the water will just sit there and rot the plywood.
Here is a very common mistake found in stucco homes. If the columns, or walls are in contact with the floor, water can and will build up which can and will lead to major substrate deterioration.