Aside from high unemployment rates and home foreclosures, there is another emerging indicator of how badly hit is the United States by the recession and the global financial crisis. It is the growing number of boats being abandoned by their owners.

Like mortgaged homes, the derelict vessels are difficult to sell at a time when the American economy is down, prompting some owners to default on their boat mortgages or abandon the vessels. Some boat owners, reeling from other expenses, now find it heavy on the pocket to maintain their water toys.

Aside from being aesthetically unpleasing, the abandoned vessels contribute to water pollution, and are attractive to thieves who strip the unused boats for metal to be resold in junkyards.

The high cost of maintaining the boats has led some owners to sink their vessels and claim insurance for sinking, although insurance firms are now double checking claims as the number of suspicious cases tripled the past months, according to the New York Times.

Maj. Paul Ouellette of the Florida Fish and Wildlife Conservation Commission have complained that waters of coastline states have become dumping grounds for the abandoned boats. The commission used to have a Derelict Vessel Removal Grant Program, however, funding had ended June 30, 2007. What is still available is the Florida Boating Improvement Program which covers derelict vessel removal. The commission, though, is only accepting applications for the competitive grants until April 2.

Some coastal states are drafting legislation against abandoned boats and are starting to run after their owners. Florida removed 118 derelicts in summer, while South Carolina has identified 150 boats deemed derelict candidates. The state passed a law in January imposing a fine of $5,000 and 30 days jail term for owners of boats who abandon their vessels on public waterways.