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Michael Jackson’s “Bad” album is sinking. After debuting at No. 1 on the Billboard magazine pop chart and being the pop-album kingpin for another five weeks, “Bad” has slipped to No. 2--knocked out by Springsteen’s “Tunnel of Love.” Earlier this year, Whitney Houston’s “Whitney” entered at No. 1 and stayed there for 11 weeks--five weeks longer than “Bad.” Jackson reportedly takes such things very seriously. Yes’ “Big Generator” is another hot new pop album, climbing to No. 15 in four weeks. R.E.M.'s “Document,” which inched up two notches to No. 10, is the band’s first Top 10 album. Milestones in number of copies sold: Anita Baker’s “Rapture” album just crossed the 3-million mark; Europe’s “The Final Countdown” LP is over the 2-million figure; Exposure’s “Expose” album hit 1 million. Singles: Tiffany’s “I Think We’re Alone Now” is the new No. 1 pop single; "(I’ve Had) the Time of My Life,” by Bill Medley and Jennifer Warnes, jumped to No. 6; R.E.M.'s “The One I Love” (No. 18), Debbie Gibson’s “Shake Your Love” (No. 24) and George Michael’s “Faith” (No. 27) are headed for the Top 10.

* Aside from Springsteen’s “Tunnel of Love,” “Nothing Like the Sun” is the hottest new album on the chart. The Sting album jumped to No. 19.

TITLE RANK RANK WEEKS LAST 2 WKS ON WEEK AGO CHART 1. Tunnel of Love 3 16 3 Bruce Springsteen (Columbia) 2. Bad 1 1 7 Michael Jackson (Epic) 3. Dirty Dancing 4 4 8 Sound track (RCA) 4. Whitesnake 2 2 30 Whitesnake (Geffen) 5. A Momentary Lapse of Reason 5 3 7 Pink Floyd (Columbia) * Nothing Like the Sun 54 2 Sting (A&M;)