I have a 2001 Pathfinder that has about 53k miles on it. Lately, it has started making a loud rubbery type squeak, almost like a spring being compressed and released, from the rear end. A cursory inspection of the exhaust shows that it is tight and hangers are okay. The ride and handling seem normal, so I am not sure if it is a problem with the rear shocks. One curious note is that the noise seems to disappear when it is raining.

Any thoughts would be appreciated.

a follow up ... the problem was caused by a small stone that was lodged between the shock and the upper bracket. As it turns out there is a Nissan service bulletin that addresses this exact problem. I just hope there was not damage done as the noise persisted for a few weeks before it was fixed.