Painting - Blistering Exterior Paint

I've got particle board exterior on my home. I've attempted to paint it a couple times now with latex paint. Every time I've done so, I've gotten blistering which of course eventually leads to peeling. Seems like it occurs on all sides of the house and garage in various areas, some high up and others lower. I don't know if maybe the original coat of paint is perhaps an oil base or what it is that is causing the blistering paint. The original coat is actually in decent shape and I've seen no signs of that original coat ever blistering.

I only painted over the original coat to change the color but now wish I would have left it. Any suggestions on how I can prevent the blistering? I understand that it's somehow related to moisture, but not sure what to do about it since it happens on all sides of the house, sun or shade.