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Have you struts ever been replaced? If not, at 150k there's a very, very good chance your rear struts are past it.
If shocks are bad and don't absorb the energy they're supposed to over bumps, the shock bumps into the bump stop (it's inside that torn insulator), which sounds similar to what you're describing. Those guards (Coil Spring Insulators, as they're called) can also be purchased.
Just because your rear end bounces back doesn't mean the strut is in good order - before I replaced my rear shocks, the rear would bounce, but it was a slow and exaggerated bounce. Now, if I push the back of the car, it goes back to it's previous position almost right away, instead of bouncing.
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