I planted a Georgia peach tree about three years ago and the leaves look like they are blistered.
What you are describing sounds like peach leaf curl, which is a fungal infection that takes place as the first set of leaves emerges in the spring. If the tree is otherwise healthy, it will put on more leaves later in the season that will not be infected. However, repeated infection year after year will put a strain on the tree. This is a very preventable problem. The tree must be sprayed in early spring prior to leafing out when the buds are swelling.
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