Stucco Painted Graffiti
If you look close enough at the wall you will say
there are two different colors on it, and these are signs or clues that
there has been neither a repair or some sort of damage that has been
I am guessing that this wall was painted because someone had sprayed graffiti on to it. This is only a guess and could be clarified quite easy by asking the owner or one of the neighbors.
Looking around the neighborhood I could see other graffiti and walls that have been painted to cover up the graffiti.
It's a good idea to paint over the graffiti as soon as possible and as often as needed to prevent more graffiti in the neighborhood.
Another clue that this was graffiti is the fact that the paint does not go any higher than someone could reach with a spray can.
Some graffiti is hard to paint over. For example if someone used black paint for graffiti, it would be hard to cover with white paint or a lighter color.
Now that the stucco has been painted in the lower area of the house you will have moisture absorbing into the upper area of the wall and eventually working its way down behind the paint getting trapped.
The painted wall will not let the moisture out of the stucco as easily as if it was unpainted which could create damage to the building.