Fixing Countersunk Siding Nails

The nails on my pressed-board wood siding on the house I bought a few years ago have become countersunk. Maybe they weren't nailed into the studs. Maybe they started countersunk a little bit and moisture has done its job. Maybe the siding is lousy. Whatever. What's the best putty/spackle/caulk to use (after the pressure washing but before the painting)? Anything else I should know/do/consider?
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Sand down to bare wood, then apply wood putty, leaving it a little thick so you can sand it down level after it dries. Put a coat of primer on all the bare spots before you paint the whole thing.
Before you do a lot a prep work, check the siding to to see if you'd be better of replacing it. The fact that the nails are showing up as depressions means the wood around them has swelled.
--
Steve Bell
New Life Home Improvement
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I've never tried it but...
...a short bit back there was a guy painting inside a house being redone. Door frames had new casing and he was covering the nail heads. Out of curiosity I asked him what he was using for putty. Said he was using glazing compound. Said for him it worked well because of it's long workability and it didn't shrink like so many other things.
Plan to give it a try at some point.
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wrote:

I've used this product many times. It works great.
DAP® Painter's Putty '53' ®
Smooth, easy-working putty designed for the special needs of professional painters. Ideal for filling nail holes, dents, and cracks in wood surfaces. May also be used to glaze wood sashes. Resists oil bleeding. Paintable. Interior/exterior use.
http://www.dap.com/product_details.aspx?BrandID 2&SubcatID$
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