How to fix yum/up2date 404 Error

This afternoon, I noticed I'm getting following error:

[root@localhost root]# yum check-update
Gathering header information file(s) from server(s)
Server: Fedora Core 1 - i386 - Base
retrygrab() failed for:
  http://fedora.redhat.com/releases/fedora-core-1/headers/header.info
  Executing failover method
failover: out of servers to try
Error getting file http://fedora.redhat.com/releases/fedora-core-1/headers/header.info
[Errno 4] IOError: HTTP Error 404: Not Found

Apprently there is a bug in yum which doesn't handle http redirection properly.
Reported in following bugzilla:
https://bugzilla.redhat.com/bugzilla/show_bug.cgi?id=108737

So here is the solution. Update your yum.conf as following:

1. Update /etc/yum.conf as following for [base] and [updates-release]

[base]
name=Fedora Core $releasever - $basearch - Base
#baseurl=http://fedora.redhat.com/releases/fedora-core-$releasever
baseurl=http://download.fedora.redhat.com/pub/fedora/linux/core/$releasever/$basearch/os

[updates-released]
name=Fedora Core $releasever - $basearch - Released Updates
#baseurl=http://fedora.redhat.com/updates/released/fedora-core-$releasever
baseurl=http://download.fedora.redhat.com/pub/fedora/linux/core/updates/$releasever/$basearch

2. Type "yum check-update" to download new headers

3. Update /etc/sysconfig/rhn/sources as following so you get a visual notification 
   for any updates

#yum fedora-core-1 http://fedora.redhat.com/releases/fedora-core-1
#yum updates-released http://fedora.redhat.com/updates/released/fedora-core-1
#yum updates-testing http://fedora.redhat.com/updates/testing/fedora-core-1

yum fedora-core-1 http://download.fedora.redhat.com/pub/fedora/linux/core/1/i386/os
yum updates-released http://download.fedora.redhat.com/pub/fedora/linux/core/updates/1/i386