How would you fix this siding ?

[Older&Slower]

The recent rain, hail and UV accelerated problems I already had with my siding which looks like a compressed paper product (not sure on that). This is an older mfg home.
How would YOU go about fixing it. Too expensive to replace it. Yeah I know I need skirting too.

 

[Sparky617]

It looks like it might be Masonite, so your compressed paper thought is close to the truth. If you can't afford to replace it for now, I'd cut the bottom couple of inches off. Prime the cut with KILZ or Zinser Bin primer. Then I'd install a piece of primed on all sides wood, horizontally with Z-flashing slid up under the siding and over the top edge of the new wood.

 

[Older&Slower]

It looks like it might be Masonite, so your compressed paper thought is close to the truth. If you can't afford to replace it for now, I'd cut the bottom couple of inches off. Prime the cut with KILZ or Zinser Bin primer. Then I'd install a piece of primed on all sides wood, horizontally with Z-flashing slid up under the siding and over the top edge of the new wood.

I didn't quite follow that last sentence. Would you do me a favor and make a drawing by hand.
Scan it and show me Sparky. Thanks. Have to go out now and don't have a smartphone.

 

[Sparky617]

No need to draw it, here is a website image showing Z-flashing in use. You don't want to count of caulking to keep water out, the Z-flashing will divert water coming down the wall away.

Z-Flashing

 

[Older&Slower]

THANKS SPARKY