Living large for a million bucks

What will $1 million get you? An in-ground swimming pool, a first-floor master bedroom and an open floor plan, for starters. Here's a look at what's selling in the Bay State for a small fortune:

48 Douglas Road Needham

This recently renovated 3,649-square-foot garrison-style colonial sold in eight days and was listed for $1,049,000 by Martha M. McMahon of Coldwell Banker Residential Brokerage. Hardwood floors anchor the open floor plan on the first floor with an open cherry kitchen with granite counters. There is also a living room, formal dining room, den and full bath on the first level. The second floor has four bedrooms including a master suite with a separate reading area with a balcony overlooking the property's in-ground pool.

30 Raven Road 
Canton

Located in the desired Algonquin Estates area of Canton, this 4,407-square-foot custom-built home included four bedrooms, three-car garage parking and an in-ground pool. The floor plan included a large eat-in kitchen with granite countertops, stainless steel appliances, an oversized island and a desk area. Also included on the first floor of the home were a large formal dining room, living room and step down to a family room with a wet bar and stone fireplace. The master suite has three walk-in closets and his and hers private bathrooms. The property was originally listed for $1,025,000 and sold in 71 days by Renee Roberts of Success Real Estate.

323 Dodge St. Beverly

This four-bedroom spacious contemporary on close to 5 acres sold in nine days. The floor plan included a first- or second-floor master bedroom, a great room with fireplace, a chef's kitchen, and a first-floor laundry area. The property also boasted a patio in-ground pool and pool house complete with a shower and bath. The lower level of the home was finished to include an entertainment or game room with a custom bar and sauna. The home was originally listed for $1,150,000, by Fay Salt of Coldwell Banker Residential Brokerage.

16 Livermore Lane Unit 16, Weston

Originally listed for $999,000, this rarely available freestanding condo sold in seven days in the Dickenson Meadows complex. The 2,752-square-foot home has an open plan living room with high ceilings and a fireplace that opens to a kitchen with a separate pantry. There are three bedrooms including a first-floor master bedroom, with double closets as well as a den and two oversized second-floor bedrooms with abundant storage. The condo fee for the home is $889 per month and there are 18 separate units in the development. Sold by Denise Mosher of Hammond Residential.

360 Newbury St. 
Unit 508, Boston

This sophisticated 1,141-square-foot two-bedroom, two-bath condo home in Frank Gehry's award winning "360 Newbury" property sold in only three days. The home included a gourmet Arclinea kitchen that opened up to an open living/dining room with soaring ceilings and giant windows overlooking Newbury Street. The spacious master suite included a walk-in closet and luxurious Carrara marble bath. The second bedroom included custom built-ins. The condo fee is $838 per month, and there are 54 units in the complex. The seller included six months of rental parking with the property because there is no parking offered in the building. Sold by Judy Goldfarb of Coldwell Banker Residential Brokerage.

Jennifer Athas is a licensed real estate broker. Follow her on Twitter @Jenathas.

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Oil edges down toward $108 as Syria talks continue

BANGKOK — Oil prices fell slightly Friday as the U.S. and Russia held discussions in Geneva aimed at getting Syria to give up its chemical weapons.

Talks between U.S. Secretary of State John Kerry and Russian Foreign Minister Sergei Lavrov didn't appear to yield an immediate solution Thursday but were a sign that the Obama administration is willing to give diplomacy a chance. Talks were to resume Friday.

President Barack Obama says the U.S. has hard evidence that the Syrian government, embroiled in a civil war against rebels, used deadly chemical weapons against civilians last month. In doing that, President Bashar Assad crossed a "red line" that Obama insists calls for a heavy-duty response.

Syria is not a major oil producer, but oil traders say the possibility of a wider conflict could interrupt production and shipping routes in the Middle East and cause prices to rise. In recent days, oil prices have risen and receded in accordance with the perceived likelihood of a U.S. military attack.

On Friday, benchmark oil for October delivery fell 4 cents to $108.56 per barrel at midday Bangkok time. The contract gained $1.04 to close $108.60 a barrel on the New York Mercantile Exchange. Oil rose as high as $109.16.

The easing tensions over Syria came amid figures showing Europe's industrial sector sliding into reverse during July. Eurostat reported Thursday that industrial output slumped 1.5 percent in July from the previous month. Slumping growth in the 17-nation eurozone points toward reduced demand for energy in the future.

"Eurozone is technically out of recession. But growth momentum is expected to remain anaemic as the structural weakness in the region is unlikely to be resolved in the near term," analysts at DBS Bank Ltd. in Singapore said in a research note.

Brent, the benchmark for international crudes, was up 22 cents to $111.75 a barrel on the ICE Futures exchange in London.

In other energy futures trading on Nymex:

— Wholesale gasoline rose 0.4 cents to $2.7579 per gallon.

— Natural gas fell 0.1 cent to $3.637 per 1,000 cubic feet.

— Heating oil added 0.7 cents to $3.1234 per gallon.

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OvaScience stock takes hit

OvaScience's stock plunged yesterday after the Cambridge company announced it had decided to temporarily suspend enrollment in U.S. trials of its in vitro fertilization drug while it resolves issues with federal regulators.

Shares dropped 23 percent to $10.95 after OvaScience revealed it had received a letter from the Food and Drug Administration asking the company to file an investigational new drug application for its lead product, Augment, which is designed to improve egg quality and increase the success rate of in vitro fertilization.

"This was not a final decision, nor did the FDA place our study on clinical hold," CEO Michelle Dipp said in a conference call with analysts yesterday. "We believe the FDA letter is largely based on preliminary information, and are very much looking forward to discussions with the FDA to provide details about Augment (and our) manufacturing procedures."

Those talks will help determine the company's clinical trials, timeline and budget, Dipp said.

An FDA spokeswoman referred all questions to OvaScience.

The company had aimed to complete its U.S. trials and begin selling Augment in this country by the end of next year, said Theresa McNeely, an OvaScience spokeswoman.

Its international strategy, Dipp said, remains "essentially unchanged." The company plans to proceed with an Augment trial outside the U.S. next year, she said, although she did not specify where.

"Our initial launch outside of the U.S. will target a few select countries, followed by continued expansion into other countries over time," Dipp said. "In preparation for the launch of Augment, we recently expanded our manufacturing capabilities by engaging a new global supplier."

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The Ticker

Economists back Yellen for Fed Reserve chair

A letter to President Obama calling on him to nominate Federal Reserve Vice Chairman Janet Yellen to be the Fed's next chairman has been signed by more than 350 economists. The letter is designed to draw attention back to Yellen amid signs that Obama is leaning toward nominating his former economic adviser Larry Summers, a former Harvard president.

Delay for GOP stopgap spending plan

A revolt by Tea Party conservatives forced House GOP leaders yesterday to delay a vote on a temporary spending bill required to prevent a government shutdown next month. GOP leaders pulled the measure from the House schedule after initial vote counts showed them running into opposition from several dozen staunch conservatives.

Firm to answer SEC on 38 Studios

Rhode Island's economic development agency hired legal counsel to respond to an inquiry from the federal Securities and Exchange Commission about its $75 million loan guarantee to former Red Sox pitcher Curt Schilling's failed video game company.

Economic Development Corp. spokeswoman Melissa Czerwein said yesterday the agency retained a law firm to respond to the inquiry. She would not provide details about what the SEC asked for or say whether there is a formal investigation.

TODAY

• Labor Department releases weekly jobless claims.
• Freddie Mac releases weekly mortgage rates.
• Treasury releases federal budget for August.
• Kroger Co. reports quarterly financial results.

TOMORROW

• Commerce Department releases retail sales data for August.
• Labor Department releases the Producer Price Index for August.
• Commerce Department releases business inventories for July..

THE SHUFFLE

• J Barrett & Co. announced that full-time real estate agent Debbie Aminzadeh, left, has joined the agency in its Beverly Farms office. Aminzadeh has a sales background working in the health care technology industry after receiving a master's degree in business administration from Boston University..
• Schneider Associates, a Boston public relations and integrated marketing agency, announced the hiring of Hanna Heycke as an account coordinator. Heycke is responsible for day-to-day account administration and media outreach.

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Gov. Deval Patrick jumps on tech tax repeal wagon

State leaders need to "repeal and replace" the controversial tech tax that has the state's tech industry howling, Gov. Deval Patrick acknowledged yesterday, a major shift that drew a nod of approval from critics of the tax but also more questions about what, if anything, takes its place.

"I think it's a serious blot on our reputation as an innovation center," Patrick told reporters yesterday, marking the first time his administration has publicly moved from weighing a repeal to outright supporting one.

"The solution is not just to repeal, but to repeal and replace and that's the part we're all working on together," said Patrick, who last week had a closed door meeting with business leaders pleading to kill the new 6.25 percent tax on software services. "And I think that the consensus in the room probably was that replacing it with something was the better way to go. And I think the hard part now is to figure out what to replace it with."

The governor's shift comes amid a growing outcry from the tech industry, Republicans and even some Democrats to reverse the law passed in July as part of the $500 million transportation financing bill.

Patrick, however, did not specify with what he prefers to "replace" the $161 million the state is counting on the tax generating. Michael Widmer, president of the Massachusetts Taxpayers Foundation, said it's "unlikely" the Legislature would stomach another tax increase to take its place.

Widmer and House Minority Leader, Rep. Bradley H. Jones, both noted tax revenues are more than $139 million above benchmark so far this fiscal year, suggesting the excess funds as an avenue.

"Our idea of 'replace' is money we already have," said Jones, who with Sen. Bruce Tarr, filed a bill yesterday to repeal the tax. "We'd be happy to sit down at the table. But if your idea is to take $161 million out of the bucket and we need to replace that out of some other pocket ... we're not ready for that discussion."

Senate President Therese Murray told the Herald yesterday she wants to see "real numbers" before deciding whether to back a repeal, citing "some of our analysts" who put its impact at as low as $40 million. Speaker of the House Robert A. DeLeo has not yet weighed in publicly.

"I'd say you have three major players, and certainly when one of them supports a repeal, that's a very positive step," Widmer said. "Our hope is that the speaker and senate president in the near future would come to the same conclusion."

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Russian officials venturing to Hub to make deals

The largest and highest-profile Russian government delegation to visit the U.S. in five years is coming to Boston next week to boost technology-sector business opportunities between the two countries.

Twenty-plus officials will be in town for Tuesday's Russian Innovation Week Conference at the Boston Center for the Arts. Some 400 participants are expected at the second annual event, which was extended to the Hub after being held only in Silicon Valley last year.

"The East Coast corridor — New York to Boston — is equally as strong as Silicon Valley," said Axel Tillmann, CEO of RVC-USA, the Boston-based U.S. arm of the government-backed Russian Venture Co. "Many people are interested in ... either taking companies that come from Russia and Russian ideas and commercializing them in the U.S., (or taking U.S.) ... companies into the Russian market."

Technology companies ranging from Hopkinton-based EMC Corp. to Microsoft and Intel have development centers in Russia, Tillmann noted.

Russia has the potential to become a technology leader, and its government is investing in initiatives such as Rusnano, a $10 billion, state-backed investment fund; Russian Venture Co.; and Skolkovo Scientific Center for the Development and Commercialization of New Technologies, said Richard Golob, CEO of Cambridge's GGA Software Services.

"Those three programs represent a major step forward on the part of the Russian government in its efforts to support innovation and technology development and entrepreneurship," said Golob, whose firm's primary development facility has been in St. Petersburg since 1994."

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USDA cracks down on Internet pet sales

WASHINGTON — The Agriculture Department is cracking down on dog breeders who sell puppies over the Internet with new regulations that will force them to apply for federal licenses.

The rules announced Tuesday would subject dog owners who breed more than four females and sell the puppies online, by mail or over the phone to the same oversight faced by wholesale animal breeders.

Many breeders who run their businesses online have skirted federal oversight by classifying themselves as retail pet stores, which are exempt from licensing requirements. Commercial pet stores aren't required to have licenses because buyers can see the animals before they buy them and decide whether they appear healthy and cared for. But that's not the case when buying over the Internet.

The idea behind the new rules, says USDA's Kevin Shea, is that either government inspectors or buyers see the animals with their own eyes before they are sold.

Shea, administrator of the USDA's Animal and Plant Health Inspection Service, says the agency is responding to a 2010 USDA inspector general's report that uncovered grisly conditions at so-called "puppy mills" around the country. The report recommended that the department tighten the animal welfare laws — written more than four decades ago, long before the advent of the Internet — to cut down on unscrupulous breeders.

In addition to finding dirty, bug-infested conditions at many breeding facilities, inspectors cited numerous reports of buyers who received animals who were sick or dying.

The new rules, first proposed last year, would ensure that most people who sell pets over the Internet, by phone or mail order can no longer do so sight-unseen. Sellers either must open their doors to the public so buyers can see the animals before they purchase them, or obtain a license and be subject to inspections by the Animal and Plant Health Inspection Service.

The rules are targeted to dog breeders but could affect breeders of other animals too. The Agriculture Department estimates that up to 4,640 dog breeders could be affected by the rule, along with about 325 cat breeders and up to 75 rabbit breeders.

Small-size breeders have lobbied against the changes, saying the rules could regulate them out of business. USDA's Shea says the department set the minimum of four breeding females to ensure that those smaller sellers would be able to continue offering puppies.

"People who have generally been thought of as 'hobby breeders' continue to be exempt," Shea said.

Shea said the licenses will cost $750 or less and complying with the USDA regulations should only be expensive for breeders who aren't already ensuring their animals have adequate housing and medical care.

___

Find Mary Clare Jalonick on Twitter at http://twitter.com/mcjalonick

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Apple's next big thing may be lower-priced iPhone

SAN FRANCISCO — Apple's much-anticipated update to its line-up of iPhones may leave the impression that the technology pioneer's focus has shifted to making more affordable products than engineering innovative breakthroughs.

In keeping with its tight-lipped ways, Apple Inc. hasn't disclosed what's on the agenda for the coming-out party scheduled to begin at 10 a.m. PDT Tuesday at its Cupertino, Calif., headquarters.

But this is the time of year that Apple typically shows off the latest generation of its iPhone, a device that has reshaped the way people use computers since its debut in 2007. Apple took the wraps off the iPhone 5, the current model, last September. The company has never waited longer than a year to update the iPhone, which has generated $88 billion in revenue during the past year.

Apple's timetable for rolling out products has vexed many investors who have watched the company's growth slow and profit margins decrease. Meanwhile, a bevy of smartphone makers, most of whom rely on Google Inc.'s free Android software, release wave after wave of devices that cost less than the iPhone. Those concerns are reflected in Apple's stock price, which has declined nearly 30 percent since peaking at $705.07 at about the same time the iPhone 5 went on sale last year. The Standard & Poor's 500 index has risen about 14 percent during the same stretch.

Even though Apple's market value of roughly $460 billion is more than any other company in the world, the deterioration in its stock price is escalating the pressure on CEO Tim Cook to prove he's the right leader to carry on the legacy of co-founder Steve Jobs. Since Cook became CEO two years ago, Apple has only pushed out new versions of products developed under Jobs, raising questions about whether the company's technological vision has become blurred under the new regime.

In public appearances, Cook has repeatedly said Apple is working on some exciting breakthroughs, but he hasn't revealed details. The company is believed to be working on a so-called "smartwatch" that would work like a wrist-bound smartphone. Samsung Electronics, one of Apple's biggest rivals, introduced its own $300 smartwatch called Gear last week, as did Sony and Qualcomm Inc. It's unclear whether a smartwatch will be on Apple's Tuesday agenda.

The company isn't expected to reveal the latest model of its tablet computer, the iPad, until later in the fall. Apple introduced a smaller, less expensive version of the iPad last year in response to the success of more compact and cheaper tablets running on the Android system.

This year's refresh of the iPhone line may address the growing popularity of cheaper Android phones. Based on leaks from suppliers, it appears Apple is poised to release a less elaborate and less expensive version of the iPhone in an attempt to appeal to consumers too frugal or too poor to pay for the high-end model that sells for more than $600 without a wireless contract.

If reports published in technology blogs and newspapers pan out, the stripped-down iPhone will be called the "5C" and be housed in plastic casing that will be offered in a variety of colors instead of an aluminum casing.

Apple declined to comment, but an invitation for Tuesday's event fed the multi-hued speculation swirling around the less expensive iPhone. The invitation was filled with colored bubbles and predicted, "This should brighten everyone's day."

If it introduces a cheaper iPhone, Apple might end production of the iPhone 4 and iPhone 4S that were released in 2010 and 2011, respectively. Those models have been sold at a discount to the iPhone 5, a factor that has lowered the average price Apple has fetched for its phones.

A new version of the high-end iPhone also is expected to be revealed Tuesday. The top-of-the-line model, expected to be dubbed the "5S," will be the first to be sold with Apple's revamped mobile software, iOS 7, already installed. The new system, which will automatically update apps installed on the device, can be downloaded on the iPhone 4 and later models, as well as on the tablets beginning with the iPad 2.

The redesigned software announced in June relies on simple graphical elements in neon and pastel colors. Gone is the effort to make the icons look like three-dimensional, embossed objects — a tactic known as "skeuomorphism," that was favored by Jobs. This will be the second iPhone model that Apple has released since Jobs' death in October 2011.

Besides running on iOS 7, the upgraded iPhone may include technology that enables its owner to unlock the device with a fingerprint instead of a four-digit code. There is also speculation that the high-end iPhone will be sold in a golden color to supplement the product line's more prosaic choice of black or white.

"One of the big questions is whether Apple is going to push the envelope on the iPhone or do they feel they have pretty much gone as far as they can go on the smartphone side of things?" said Gartner Inc. analyst Carolina Milanesi.

If there is a gold iPhone, it would be the latest sign of Apple's intensifying focus on China — a market where hundreds of millions of Internet-connected devices are expected to eventually to be sold as the standard of living improves in the world's most populous country. The color gold is considered to be a sign of good fortune in China.

A less expensive iPhone would also help Apple boost sales in China and other less-developed countries where people don't have as much disposable income as in the U.S. and Europe.

In an unusual move, Apple has invited media to another event in Beijing that will be held a few hours after the gathering at its headquarters is scheduled to adjourn. The Beijing event has fed speculation that Apple has lined up a deal to sell its new iPhones through China Mobile, the country's largest wireless carrier. It is an alliance that Cook has been openly courting. The Wall Street Journal last week cited anonymous people who said Apple is preparing to ship iPhones to China Mobile.

Although Apple still touts as iPhone as the best of its breed, the device has been losing some of its panache among consumers.

In the three months ending in June, Apple sold 31 million iPhones worldwide compared to 187 million Android phones made by the likes of Samsung, HTC and LG Electronics, according to the research firm International Data Corp. That left the iPhone with 13 percent of the global market, down from 17 percent at the same time last year. Android phones held a 79 percent share, up from 69 percent last year, according to IDC.

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Apple needs to be fruitful

Apple is expected to unveil a diversified line of smartphones tomorrow in a major push to expand its international market share and jump-start its stock.

With Apple having apparently failed to put the finishing touches on its fifth-
generation iPad in time for the holiday season as expected, the pressure is on CEO Tim Cook to reveal a game-changer and regain the company's mojo. Shareholders and tech analysts are likely to be merciless if the Cupertino event does not include the following developments, at minimum:

•  A deal with a large telecom firm in China, now the world's largest smartphone market. Apple has lost critical ground in China, but it has been courting Chinese journalists and has planned a separate product launch event on Wednesday in Beijing, indicating a new effort to expand market share. Similar events are being held in Berlin and Toyko.

•  A more affordable, plastic-encased iPhone with different color options. This phone, rumored to be dubbed the 5C (though Apple has been known to leak the wrong names in the past), would replace the company's current middle-tier phone, the woefully outdated iPhone 4S.

•  An embedded fingerprint sensor within the new high-end iPhone, possibly called the 5S. According to the rumors, this new authentication feature allows a user to unlock the phone by touching the sensor-laden home button. That could help the company's problem with so-called "Apple Picking" — iPhone theft, and provide the much-needed game-changing feature.

With a number of show-stopping Android phones released this year and even the dark horse Windows Phone showing more innovation than Apple, Cook's work is cut out for him. That job is made harder by overambitious financial analysts who are still living in 2009, continuing to set expectations too high. That year, the launch of the iPhone 3GS kicked off a steady stock climb that reached $700 per share in September 2012. Still, many analysts remain in denial, expecting Apple to invent a new product line each year as it did with the iPad, and to some extent the iPhone as well.

Late last year, Apple's stock sank upon the disastrous 
release of a buggy new mapping app. So part of Apple's job tomorrow is to repair its reputation as a software maker with iOS7, the upcoming operating system for iPhones and iPads. I've been testing the beta for months, and it's not overly impressive if you've become used to Android or Windows. I expect Apple to release the final version of 
iOS7 this week, and it had better feature a surprise.

Bottom line: If Apple doesn't deliver on all fronts tomorrow, it's going to have a hard time killing the persistent story line that when former CEO and co-founder Steve Jobs died, he took the good old days with him.

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Nuclea deal to open hospital doors

Two Bay State biotechs are in a deal to combine their strengths to deliver individualized treatment for cancer patients.

Pittsfield-based Nuclea, a biotech company specializing in diagnostic tests for cancer patients, has reached an agreement to buy Cambridge biomarker-test maker WILEX Inc., formerly a subsidiary of Munich's WILEX AG.

The acquisition will allow Nuclea to get its tests in hospitals, where they can be used to recommend an effective treatment for some tumors, sooner.

"It drives us into the marketplace much quicker than we would have been able to do on our own," said Patrick Muraca, president and CEO of Nuclea.

"This will help get these tests into patients' hands and into the market very quickly."

The tests use genetic and protein testing to recommend a course of treatment that will be the most effective for tumors — including renal cell carcinoma, prostate cancer and breast cancer.

"It helps determine what therapy is appropriate for a specific patient," Muraca said.

Nuclea will continue to use WILEX's manufacturing facility in Cambridge, which will allow the company to accelerate its timeline by roughly six months, Muraca said.

The acquisition is an opportunity to "strengthen Nuclea's portfolio and continue to move into the commercial realm," he said.

The company will make use of the Cambridge location, giving the company a much-needed footprint near key partners, including Dana-Farber Cancer Institute and the Joslin Diabetes Center.

"It positions us very well with those institutions," Muraca said.

Nuclea will absorb all 11 of WILEX's jobs and will fill seven more positions at the Cambridge location, Muraca said.

Under the terms of the agreement, Nuclea will assume responsibility for the repayment of a $2.5 million loan, and pay WILEX AG royalties on some sales.

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Options favor driver near end of leased low-mileage car

I leased a new Scion xD for 36 months, and the lease ends in November. The value of the vehicle at the beginning of the lease was listed as $16,700. The purchase option at the end of the lease is $10,296. My problem is that I currently have just 10,840 miles on the car and don't see any big trips in the future. Is there such a thing as a rebate on unused mileage? What are my options?

How about a round-trip vacation? Alaska to California to Florida to Maine and home. A nice long drive would use up some of those miles, but you'd still have miles to spare on the lease.

I'm not aware of any mileage rebates on unused lease miles for passenger cars, but you do have several viable options. My son Ryan, who sells cars for a Chrysler dealership, suggests that you call the leasing company to confirm the precise purchase option price. Then stop by a new-car dealership and ask them to appraise the vehicle to determine how much equity you have at this point. If you have positive equity in the vehicle — meaning it's worth more than the lease purchase price because of the low mileage — you could either sell or trade it to a new car dealer.

So, your options are to turn the vehicle in at the end of the lease, purchase the vehicle from the leasing company and keep it or sell it to a private party, or sell or trade the vehicle at a dealership. Compare your options and then make your decision. Buying and keeping the car would be the simplest answer, but the selling or trading at a dealership might make the most economic sense.

My boyfriend needs help with electrical issues on his 2006 Cadillac CTS.

When he turned on the wipers he lost the turn signals, hazards, headlight control and trunk release. Sometimes there is a "hood open" warning as well as a "door open" warning — but they are not open.

Electrical gremlins can be very difficult to pinpoint. In this case, start with a scan tool to identify any fault codes and then focus on the connections and grounds for those components, systems and modules involved. "Fretting" is a form of corrosion that appears like dark smudges or spots on the individual pins, and it can cause intermittent connections in connectors and terminals. Disassemble suspect connectors to clean and treat with dielectric grease to reseal the connection.

I have a 1991 Pontiac Sunbird LE with a 3.1-liter V6 engine and 62,000 miles in excellent condition. However, when I'm driving, the oil pressure gauge registers way above the high mark, which is shown as 80. When it's idling, it's about halfway back down. It uses no oil and appears to run well. Should I be concerned about the erroneous oil pressure reading? What's causing it?

Assuming you've driven the vehicle in this condition for a number of miles and nothing catastrophic has occurred, I suspect you're seeing an electrical issue with the oil pressure sending unit or possibly the oil pressure gauge itself. A quick test with the engine off is to find and disconnect the connector to the oil pressure sending unit on the front side of the engine. Turn the ignition switch on and watch the oil pressure gauge. It should move all the way in one direction.

Then ground the connection — the gauge should move all the way in the other direction. If the oil pressure gauge is the only instrument giving a false reading, chances are it's the sending unit.

The only mechanical issue that could generate extreme oil pressure would be a restriction on oil flow due to plugged oil passages for the cam bearings or valve gear. If it were a mechanical issue, I'd think you'd know by now.

Paul Brand is on vacation; this column was originally published on June 15, 2012. Paul Brand is an automotive troubleshooter, driving instructor and former race-car driver. Readers may write to him at Star Tribune, 425 Portland Ave. S., Minneapolis, Minn., 55488 or via email at paulbrand@startribune.com.

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For home short-sellers, finally comes some good news

WASHINGTON — Policy changes by two of the biggest mortgage market players could open doors to home buys this fall by thousands hard-hit by the housing bust and who thought they'd have to wait for years before owning again.

Fannie Mae, the federally controlled mortgage investor, has come up with a "fix" designed to help the many consumers whose short sales were misidentified as foreclosures by credit bureaus. Under previous rules, short-sellers would have to wait for up to seven years before becoming eligible for a new mortgage. Under the revised plan, they may be able to qualify for a mortgage in as little as two years. 
Homeowners who are foreclosed upon often must still wait for up to seven years before becoming eligible again to finance a house through Fannie. Industry estimates suggest that more than 2 million short-sellers might be affected by inaccurate descriptions of their transactions.

Meanwhile, the Federal Housing Administration (FHA) has announced a new program allowing borrowers whose previous mortgage troubles were caused by "extenuating circumstances" beyond their control to obtain new mortgages in as little as a year after losing their homes instead of the current three years. They will need to show that their delinquency problem was caused by a 
20 percent or greater drop in income that continued for at least six months, and that they are now back to work, paying bills on time and earning enough to qualify for a new FHA-insured mortgage.

Fannie's policy change came after months of prodding by the federal Consumer Financial Protection Bureau, U.S. Sen. Bill Nelson (D-Fla), the National Consumer Reporting Association, the National Association of Realtors and Pam Marron, an outspoken Florida consumer advocate. They all sought fairer treatment of borrowers who had participated in short sales in recent years.

In a short sale, the lender approves the sale of a house to a new buyer but typically receives less than the balance owed. In a foreclosure, the bank takes title to the property and seeks to recover whatever it can through a resale. Though the two types of transactions are distinct and involve significantly different losses for banks, with foreclosures usually far more costly, credit bureaus have no special reporting code to ID short sales. As a result, say critics, millions of people who have undertaken short sales in recent years may have their transactions coded as foreclosures on their credit bureau reports.

That matters — a lot — because Fannie Mae and other major financing sources have mandated different waiting periods for new loans to borrowers who have completed short sales compared with borrowers who were foreclosed upon — in this case, two years versus seven. Under the new policy in effect Nov. 16, short-sellers who find that their transactions were miscoded on credit reports and are able to put 
20 percent down, should alert their loan officers and provide transaction documentation. The loan officer should advise Fannie about the coding error. Fannie will then run the loan application through its revised automated underwriting system.

Freddie Mac, the other government-administered mortgage investor, continues to require a four-year waiting period for short-sellers who cannot demonstrate "extenuating circumstances" as having caused their problems. If they can do so — documenting income reductions beyond their control that wrecked their credit — they may be able to qualify for a new Freddie Mac loan in two years.

FHA's policy change may prove to be an even more generous deal for some previous homeowners. Like Freddie Mac, FHA wants to see hard evidence of what economic events beyond the borrowers' control — loss of a job, serious illness or death of a wage earner, for example — led to the delinquency or loss of the house. Applicants must be able to show 12 months of solid credit behavior, participate in a housing counseling program and get through the agency's underwriting hoops. But unlike either Fannie or Freddie, if you qualify under FHA's revised rules, which are now in effect, and your lender approves, you might be able to buy a house with a new, low-down-payment mortgage in as little as a year.

It's worth checking out.

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