This is the rim joist in the bottom right corner
All rotten. Once again, the combination of bad grading (look how close the dirt is to the framing) and the lack of weep screeds in the stucco (thus, no way for water that gets behind the stucco to get out) has done in the rim joist and sill plate.
Photo 28 of 410, sm_RimJoist-Closeup.jpg, 126KB, 640x480, 208 Hits
Other Sizes: Medium Original