William,
Your boat does not have a cored hull.When a boat is laid up, it has fiberglass cloth ( this could be matt, cloth or roving and most likely a combination of all the above. same material different weave and weight)which then has polyester resin and hardner applied in a given proportion ( to much resin is brittle and not enough is not enough).The fiberglass matt, cloth, or roving does not deteriorate.If too much resin was used, flexing could break the bond between the layers of cloth because the resin is to thick and brittle.I think your problem is that some of the cloth did not get enough resin. Because your gel coat is porous, moisture slowly penetrats the gel coat and collects in the areas of the cloth that was not saturated by the resin. I would not be alarmed, this is a big production problem and often misunderstood. Unless you intend to sacrific this boat to the sea in multipul crossings of large expanses of ocean i would live with it. Most owners don't even know they have the problem.Normally this occurs in one of many layers of lay-up. It is like a knot hole in the middle of a plywood sheet. Yes it is abit weaker but is normally contained in small areas (less than a square foot)REPAIRClean up the hull (take the bottom paint off to the gelcoat) Repair blisters if you have them ( go through breaking them open then drying them out then a proper repair) apply a barrier coat, Interlux 2000 , 3000 or VC tar or anything of the like according to manufacturers advice. ( thats right discuss application with the manufacturer of the product you will use. Directions are not always enough and the manufacturer may have great tips on temp and application.) Apply your antifoul of choice and your off.R.W.Landau