Rear tire problem

I am getting a loud creaking noise from left rear wheel area when I go over bumps or undulations in road. It started about a month ago and has got progrssively worse. Now there is also a sound like a worn out brake pad would make(high squeal).

Was going to take it to Saturn dealer but would like to know a little bit about problem if I can.

I have removed the tire and pulled on some of the parts to see if broken but have had no luck identifying the problem.

Any ideas?? shock,spring, etc.