I have noticed over the last few months that when I drive over bumpy pavement there is a kind of lumpy/bumpy type of noise coming from front passenger side. Also, that side doesn't seem to be absorbing the bumps as well as the driver side and as a result the ride feels much rougher on the front passenger wheel. Recently I also noticed that that same side started making a sqeeky/rubbing/grinding type of noise also when going over rough pavement in addition to the bump/lump noise from before. I can reproduce the new noise by manually pushing down as hard as I can on the right front fender and then letting it go.

Is this just a bad shock or is it something more serious?

PS Rack and pinion and steering box were replaced on this car 2 years ago.

Thanks in advance.

The local volvo indy fixed my clunk for $100. I thought the strut was toast. He checked the tightness of the nuts on top of the strut towers, and determined that the bushing at the top had seperated. Replaced, and no clunk.

Might want to get this checked out ASAP. In my mind, I'd rather drive with 5,000 mile oil than a bad bushing.
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sounds like your upper strut mount. I just replaced mine this summer (only the passengers side was needed, but i did both with a strut change as well) Not expensive if you do it your self, exponentialy higher cost if done by dealer.