maineman I had the same thing happen recently to our Pearson 26 in Salem, MA. It was on the mooring when the rudder broke loose (corrossion so bad it looks like something bit through the shaft) and we had a diver try to recover it last night but no luck in the murky silty bottom.
Haven't been able to find a used one anywhere...the guys at newrudders.com quoted me 1228.00 plus shipping for a new rudder and shaft. DR has one for 1500 with new bushings. Hard to justify but what's the alternative?