Stucco Ceiling Failure
The stucco underneath this roof eave is
definitely sagging and loose.
This can be caused from wood rot in the framing where the stucco lath is actually attached to, causing the nails or staples to loosen up while the weight of the stucco pulls it down.
This is not that big of a problem right now but eventually it could actually fall off completely.
If you are thinking about purchasing a home with this problem, keep one thing in mind, you could be replacing the stucco underneath the roof eave eventually.