Sounds like the problem I had with my 240D and that was a bad wheel bearing. I was screeching in CA but then the noise went away so I didn't have it looked at. By the time I got to TX the wear was so bad that the brakes didn't work because the rotor was rubbing on the pads. The heat was great, it melted the wheel cover. It ruined the bearing carrier so the entire a-frame section that is integral with the bearing carrier had to be replaced.
Don't make the same error I did. Get it checked immediately. You might check it yourself by checking for any play in the wheel after you jack up the car.
P E H