Saturated Window Facing Trim

Any thoughts on what is causing the facing trim to hold high levels of moisture? The highest levels were measured at the bottom horizontal trim, especially directly below the vertical sections. Trim was painted 3 months ago, note the rust at the nail heads. Same problem at another set of windows, same wall.

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I can’t tell you for sure but there “ain’t no” z flashings and the caulking is totally wrong. They butted the trim board to the window without proper spacing for sealant. Looks like they have the board cut exposed (and probably not primed or painted).