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[US HOUSING SIGNS POST-TAX CREDIT] Some real estate watchers see some early signs of housing give-back now the home-buyers tax credit has expired. MBA's index of mortgage applications to buy a home fell 9.5% in week ended May 7. That marked 1st drop in 4 weeks. To get tax credit, one had to sign purchase contract by Apr-30 and close by end-June this year. Meanwhile, Trulia.com - real estate research firm - reported 22% of home listings currently on market per May 1 saw at least one price cut. This marks 10% rise vs prior month. The total $ amount reduced from home prices was $25 bln and avg discount on price-reduced homes held at 10% vs original listing price. Coincidentally, lumber futs have reversed down from steady uptrend since Jan. They are off nearly 19% from April's high. 16:05 GMT - [US STOCKS MIDDAY] as Nasdaq leads market higher, up over 1% thru 2400 but still below 50-day mov avg line. Dow gaining 0.9%, broader S&P 500 a bit less. All major sectors are posting gains, led by tech as investors await Cisco results as gauge on IT capex demand. Decent gains seen in energy, industrials and materials stocks. Latter reflect bid in gold-mining stocks. Energy stocks higher on some value-led buying despite oil falling on higher inventory data. Those sectors up the least are more defensive - consumer staples, utilities and telecom as VIX fear index falls further below 26% level. Financials on net higher despite weaker MS shares as latter under Fed probe of CDO activities. Market internals on net mixed. While up-stocks top losers by wide margin, volume on the lighter flow. That suggest big funds not very eager buyers overall.