Toyota Corolla ABS Speed Sensor

#1
Hey
A few days ago, the abs light came on. I got it checked from a dealership and they said its a rear right speed sensor fault. They want me to replace the hub, bearings and the speed sensors at a total cost of about $700.
Personally, I dont want to spend that much. I opened up the wheel and looked at the speed sensor. There is an electrical connection connected to the speed sensor. I gave the wires a small shake and the abs light turned off. I put on the wheel and went out for a drive. In a few minutes the light came on again. Now I opened the wheel, removed the electrical connection from the abs speed sensor, cleaned it with WD-40(a cleaner) and then connected it again to the speed sensor. Now the light doesn't go off. Can anyone explain what the problem is?
And if i need to replace it, how can I do it myself?

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