Homebuilders get hit hard on Fed rate increase

Homebuilder Lennar Corp.lost a whopping 8 % today, while Toll Brothers lost 6 %, and KB Homes lost almost 4%.The Fed's higher rates are starting to take the wind out of the homebuilding stocks.Also today Fannie Mae closed at level not seen since October 1997. A safe bet is:none of these stocks have seen their lows.We'll explain why in a further post on the coming economy slowdown.