Blisters happen
My Rhodes Meridian never had a blister in all it's 39 years (and counting); my 1992 Hunter 28 had about 30 (repaired this year), none of them larger than a quarter, most smaller. My friend's 1989 Hunter 28 developed hundreds, many the the size of softballs.In the mid-1970's and '80's many boat manufacturers - Hunter included - experimented with various resin formulations in a response to the rising cost crude oil. In most cases, it was the wrong decision. By the late '80s Hunter recognized it had a problem with osmotic blistering. By 1992, when my boat was built, Hunter offered a 5-year warranty against hull blistering. None-the-less, blistering is probably present below the waterline if your boat was built after the mid-70s, but take heart - it ain't fatal (just time-consuming and moderately expensive). Essentially, pockets of acetic acid acid (vinegar) form when water finds its way into the fiberglass beneath the gel-coat layer. Volumes have been written on this subject. The repair is simple: strip the bottom paint; look for the blisters; pop 'em; grind 'em; fill 'em; barrier-coat 'em.Check the Interlux web site for blister repair, or refer to Don Casey's "This Old Boat" among others.