Quote Originally Posted by CA_in_NC View Post
I'm betting someone put some sealant somewhere and it came out through a hole. It really looks like some sort of man made extrusion to me...
Given that it's pure white, that sounds like the most likely scenario - some sort of caulking or something. Is this an exterior or interior wall (i.e., what's on the other side of the wall - another room or the outdoors)? What's immediately above the "thing"? You might want to call the builder and have them investigate.