Ok, I replaced the rear wheel bearings thinking that they were causing the loud grinding noise I'm having. No such luck, it didn't fix a dang thing. What else could be causing the issue?

Rear brake dragging? Lift the back of the car and turn the wheels by hand to see if they move freely.

How does the car handle? Could you be a little bit more specific?

They seem to move freely but there is some noise coming from them. I didn't notice the noise until after adding the drums back onto the car.

Umm, the car seems to handle fine. I wish I could be more specific, however I don't know how to accurately describe the noise.

Around 40-50mph the noise really starts to pick up. It sounds very similar to a wheel bearing going bad and appears to be coming from the rear of the car. Both rear hubs were replaced this weekend and ruled that out.

Tires are el cheepo models from discount tires but were not originally this noisy so I suspect it is not them.

Rear suspension is not in good shape and needs to be replaced. It's leaking etc.