bearing/brake squeal 300E

For the past few weeks i've been hearing a squeal from the front, but upon further investigation it's actually coming from the rear right wheel. There are a few bad bushing back there, but i don't think that would be the noise. It only squeals when i'm coasting, when I accelerate it goes away, also does it when I brake. I've read about faulty hand brakes, to add my hand brake dosn't even work very well, i can thow it on while im driving and won't even grip the discs. But it does semi-work when i park.
Anyone have any suggestions??
Thanks