Anyone have an idea what's going on with my wall?

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bseidens

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This is an external facing wall. There's brick on the outside. I'm noticing the wall surface is getting "bubbly." I peeled away the very brittle wall surface and found this. This wall faces south. Located in Denver, Colorado. House is approximately 50 years old. No evidence of insects or other animals inside nor out. The little brown dot material doesn't brush away.
We have just noticed this happening in the past few months. Help?
 

joecaption

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Post a picture of the outside, no close ups needed.
Hard to know without telling us what it is where looking at, is that unfaced insulation?
Sure looks like a moisture issue to me.
 
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