Kate Bush‘s “Running Up That Hill” is now officially the #1 single in her home country.
The U.K.’s Official Charts Company announced Friday that the 1985 single, which has seen a massive resurgence over the last few weeks thanks to its placement in the newly-premiered fourth season of Netflix’s Stranger Things, has hit the top spot on the Official Singles Chart.
“Running Up That Hill” gives Bush her second #1 U.K. hit, coming a mere 44 years after she first conquered the Official Singles Chart in 1978 with her debut track, “Wuthering Heights.” That sets a new record for longest wait between #1 U.K. singles, breaking the previous mark of 42 years set by “It’s Not Unusual” singer, Tom Jones.
Additionally, “Running Up That Hill” breaks the record for longest journey to #1 — the 37 years between its debut on the Official Singles Chart and its ascension to the top spot best the 36 years Wham!‘s “Last Christmas” took to achieve that feat.
Bush, who turns 64 in July, is also now the oldest female artist to reach #1 in the U.K — beating Cher, who was 52 when “Believe” took #1 — and the fifth oldest overall.
In the U.S., “Running Up That Hill” sits at #4 on the Billboard Hot 100, giving Bush her first top-five single.
Since the “Running Up That Hill”-aissance began following Stranger Things‘ season four premiere in May, the normally press-shy Bush has issued several public statements. Her latest, aptly titled “On Top of That Hill,” celebrates its now #1 status.
“I’m overwhelmed by the scale of affection and support the song is receiving,” Bush writes. “It’s all happening really fast, as if it’s being driven along by a kind of elemental force.”
(NEW YORK) — A difficult year for many homebuyers became even tougher when the Federal Reserve dramatically raised borrowing costs this week in an effort to tame sky-high inflation, experts told ABC News.
For months, homebuyers have faced the dual challenges of skyrocketing mortgage rates and continued growth in home prices.
Since mid-March, when the Federal Reserve instituted its first rate hike of the year, the average 30-year, fixed-rate mortgage has jumped from 4.45% to 6.11%, according to Mortgage News Daily. Meanwhile, the median price for existing single-family homes rose 15.7% over the first three months of 2022 compared with the same period last year, according to data from the National Association of Realtors.
The Fed’s decision on Wednesday to raise interest rates by 0.75%, its largest hike since 1994, will further increase mortgage rates and push many homebuyers out of the market, slowing home price increases but intensifying demand in the rental market, experts said.
“It’s got a huge impact,” Mark Stapp, a professor of real estate at Arizona State University, told ABC News. “It’s going to bump a lot of people out of homebuying.”
To be sure, rates for 30-year, fixed-rate mortgages do not move in direct correlation with the Fed’s benchmark interest rate. Instead, mortgage rates trace the ups and downs of the yield on 10-year Treasury bonds, which responds to a host of indicators such as inflation and the outlook for the economy as well as interest rates.
Over the past week, as new inflation data showed a reacceleration of price hikes and observers expected the Federal Reserve to escalate its fight to dial back cost increases, mortgage rates increased more than they have over any week since 1987, according to a Freddie Mac survey released on Thursday.
Steep mortgage rate increases significantly elevate the monthly cost of homes, shutting out many buyers, decreasing overall demand, and affording leverage to the buyers who remain, experts said.
Mortgage rates will continue to increase at least moderately and could reach as high as 7%, some experts said.
“A month ago, I would’ve thought that 7% would be outlandish and it would be delusional to think they could go that high,” Holden Lewis, a housing expert at personal-finance site NerdWallet, told ABC News. “Now I think okay, well, 7% might be possible.”
“Every time I think they’ll stop, they keep going up,” he added.
At the outset of the year, when the rate for a 30-year fixed mortgage stood at 3.25%, buyers who could afford a $1,500 per month spend on the home principal plus interest, could borrow enough to afford a $345,000 home, Lewis said. At the current rate, roughly 6%, the same homebuyers can borrow about $250,000, reducing borrowing capacity by about $95,000, he added.
“As mortgage rates increase, the monthly payment you can afford can buy less house,” he said.
The mortgage rate hikes disproportionately impact buyers on the fringe of the housing market, such as people seeking their first home, said D. Sam Chandan, a professor of finance and director of the Center for Real Estate Finance at New York University’s Stern School of Business.
“We’ve seen a significant deterioration in housing affordability over the course of this year,” he said. “In particular for the aspirational first-time home buyer in many markets around the country.”
Forecasters expect a decline in home purchases this year, which should slow price increases, experts said. Total home sales are expected to drop 13.5% to 5.96 million units in 2022, according to Fannie Mae data released this month.
But the supply of homes will also likely decline, as sellers wait for a more favorable market, moderating the price relief expected from waning demand, Chandan said. Further, declining interest in the market for home purchases will spike demand and potentially raise prices in the rental market, he added.
In the short term, a possible rental price hike would coincide with a persistent rise in prices for essentials like fuel and groceries, straining household budgets, Chandan said.
“We find ourselves in a place where apartment rents are increasing faster than many families’ incomes are growing,” he said. “The deterioration in affordability for many income-constrained families is forcing a very tough choice in having to spend less on education, clothing, healthcare and food in order to pay rent.”
After dropping his surprise album Honestly, Nevermind at midnight on Friday, Drake has released the music video for “Falling Back.”
In the nearly 10-minute clip, Drake marries 23 women and gets a wedding day pep talk from – of all people – Khloe Kardashian’s cheater ex Tristan Thompson.
The video also features a brief cameo from Drake’s mom as well as comedian Dan Finnerty playing a wedding singer who performs a rendition of “Best I Ever Had.” At one point, Drake also flashes a “Free YSL” message on the screen, in reference to the incarceration of Young Thug, Gunna and others associated with Young Stoner Life Records after they were arrested on RICO charges.
Towards the end of the video, Drake spotlights each of the brides and includes their names and Instagram handles.
Jimmie Allen is commemorating Juneteenth tonight with a hosting spot celebrating the holiday, and Black Music Month, with performances from an all-genre array of stars.
Called Sound of Freedom — A Juneteenth Celebration, the special is part of ABC News’ Soul of a Nation series. The event will feature performances from Patti LaBelle, Marvin Sapp and Jon Batiste, plus conversations with Ciara, Jimmy Jam and Terry Lewis, who will address the importance of ownership in music with ABC News’ Janai Norman.
Another segment will feature correspondent Rachel Scott, putting a spotlight on some of the “all-Black production teams behind major artists and groups.”
The special will air on Friday at 8 p.m. ET on ABC. The following day, it will be available to stream on Hulu. It’s the third year in a row that the network has produced the special, but according to co-executive producer Catherine McKenzie, it is one of the most important specials to date.
“From gospel and country to jazz, rock and today’s pop hits, every genre of American music is influenced by the Black Diaspora and our stories of survival, joy, pain and resilience,” McKenzie says in a press release. “We’re looking forward to taking viewers on this musical journey in one of our most significant specials yet.”
Co-executive producer Quiana Burns adds that it’s “a must-watch for all viewers.”
Just shy of his 60th birthday on July 3, Tom Cruise officially has the biggest hit of his career in Top Gun: Maverick.
Riding high on a 97% Rotten Tomatoes score, the film has flown past $800 million worldwide, besting his previous high water mark, 2018’s Mission: Impossible – Fallout, which made over $791 million.
Maverick made more than $420 million from U.S. theaters to date, making it the highest-grossing film of the year, stateside.
In a new interview for the ABC News special Sound of Freedom – A Juneteenth Celebration, airing Friday night, Grammy-winning singer and now record label owner Ciara opens up about owning her recording masters. For her, ownership is about the freedom to create the kind of art she wants to without seeking the approval of others.
“I’ve done this for almost 15 years. I’ve been in this these systems for so long. It’s like I can’t keep doing it this way,” Ciara says of the feelings that led her to own her masters. “I want to be free, like, I want to go and really be able to execute my vision how I envision it, not have to wait for someone to approve a budget. Not having to wait for someone to tell me what direction I should go in.”
Ciara’s journey to ownership started with her 2018 song, “Level Up,” which wouldn’t have been released if it’d been up to her then record label, she says.
“I had to meet with the new CEO, and I had my game plan. I had this song called ‘Level Up.’ I had the video for this song as well. I had a whole vision for my project, and I sat down, and I talked to him, to the CEO at that time,” she says. “Like you know, once the meeting was over, and I knew he didn’t want to go forward with my project, I was like, this is my chance and I’m going to ask back for my masters…I’m literally going to level up.”
The record label ended up returning them to Ciara for free. Now, she says she’s in control of her legacy.
You can catch more of Ciara’s interview tonight at 8 p.m. ET on ABC.
Kesha is most definitely a gay icon, but in a new post in honor of Pride Month, the singer says as far as her own sexuality, she isn’t sure where she lands.
“Happy pride! In case I haven’t been straight forward enough (LOL) I just wanted to take a sec to tell everyone that you are not only enough, just as you are, but the world is so fucking lucky to have you,” she wrote on Instagram, along with a picture that shows her in Iceland.
Then she continued, “I’m not gay. I’m not straight. I don’t know what I am. I love people. I love people because we are all our own little consciousness journeys, dancing around the sun. how weird and interesting and fun this life is, right? I refuse to be anything, really, except for open to it all.”
“I know it can be confusing sometimes, but you are so seen and loved,” she concluded. “Love u animals, happy pride see u at stonewall soon!!!!!”
Kesha was referring to her upcoming performance in front of New York City’s historic Stonewall Inn to mark Stonewall Day on June 24. Stonewall Day was established five years ago to commemorate the 1968 Stonewall riots, which are considered to be the beginning of the gay rights movement in the U.S.
In other Kesha news, her 2013 number-one hit with Pitbull, “Timber,” just hit the billion-stream mark on Spotify. A few days ago, she wrote on Instagram, “Thank u to every person who has ever streamed this song! Send me videos of ur best drunk timber moment. eeeekk this is so exciting. thanks animals. congrats @pitbull.”
(UVALDE, Texas) — Members of the Texas House committee investigating the Uvalde school shooting visited Robb Elementary School on Friday, according to the committee’s chair.
The school’s superintendent, Hall Harrell, arranged for the committee to go into the school, Rep. Dustin Burrows, the committee chair, said.
Last month, 19 students and two teachers were killed after a gunman walked in through an unlocked door and opened fire in the school. This was the deadliest shooting in Texas public school history.
Uvalde police have come under intense scrutiny as the narrative of what happened on the day of the shooting has shifted. It was later revealed that the shooter was in the school for 77 minutes before officers shot and killed him.
The three-person committee is meeting with teachers and several Uvalde Consolidated Independent School District police officers behind closed doors.
In public remarks, Burrows said he met with a family member of one of the victims and discussed why the sessions were happening behind closed doors.
“Before this committee is willing to announce what we believe is to be factual, accurate information, we want to hear from all sides and all different viewpoints and get together before the three of us put our signatures and names on something … that is truthful and accurate,” Burrows said.
“I’m not telling you this is the perfect way to go about doing it, by any stretch of the imagination, but it’s the way we know that we feel works and we believe in it,” he added.
Burrows said the committee is continuing to have dialogue with the Uvalde police department and said he hopes the committee will get to interview officers who were on the scene.
(NEW YORK) — Revlon has officially filed for bankruptcy.
The 90-year-old cosmetics giant announced on Thursday that the company voluntarily petitioned for reorganization under Chapter 11 in the U.S. Bankruptcy Court for the Southern District of New York.
Like many other companies, the company has been faced with ongoing global challenges that specifically point to supply chain and rising inflation issues, in addition to the brand’s continued obligations to its lenders.
This legal proceeding was filed with the intention to allow Revlon to strategically reorganize its legacy capital structure and improve its long-term outlook.
“Today’s filing will allow Revlon to offer our consumers the iconic products we have delivered for decades, while providing a clearer path for our future growth,” said Debra Perelman, Revlon’s president and chief executive officer, in a statement. “Consumer demand for our products remains strong — people love our brands, and we continue to have a healthy market position. But our challenging capital structure has limited our ability to navigate macro-economic issues in order to meet this demand.”
With court approval, the company said it could receive $575 million in debtor-in-possession financing from its existing lender base. In addition to its existing working capital, this will provide the company with more financial support for day-to-day operations, it said.
“By addressing these complex legacy debt constraints, we expect to be able to simplify our capital structure and significantly reduce our debt, enabling us to unlock the full potential of our globally recognized brand,” said Perelman.
Revlon was founded in New York City in 1932 by brothers Charles and Joseph Revson and chemist Charles Lachman. In 2016, it was acquired by Elizabeth Arden and its portfolio brands.
Today, Revlon has grown to include cosmetics, skincare, fragrance and personal care. Some of the company’s sister brands include Almay, Creme of Nature, celebrity fragrances from Britney Spears, Christina Aguilera and more.
Luke Combs’ highly-anticipated new album, Growin’ Up, is coming out next week, but before it does, he’s got one more new song to share with fans off the track list.
“The Kind of Love We Make” is a mid-tempo love song about carving out some time alone with a special someone — and watching the sparks fly as a result. The song’s music video, also out today, puts a literal spin on blazing passion: It follows a young firefighter and paramedic who find passion when they come together to extinguish a house fire.
Luke’s new song will be his next single following a record-setting 13 consecutive number-one hits that include “Doin’ This,” his lead single from Growin’ Up. The singer co-wrote “The Kind of Love We Make” with a group of frequent collaborators — Jamie Davis and Dan and ReidIsbell — and he speculates that the easy songwriting process might be due to a shared life experience between the co-writers.
“It ended up being one of those songs that wrote itself,” he recounts. “Dan, Reid and I are all having kids within a month of each other, so maybe this song had something to do with that.”
Luke and his wife, Nicole,are expecting their first child — a boy — any day now. Nicole has shared that her due date is in June.
