apache - mod_proxy_balancer not working

Question

This is how my mod_proxy_balancer configuration in httpd.conf looks, but when I access http://localhost/balance - I get HTTP 404 error Problem accessing //lbtest/ Reason: not found

# Load balancer configuration
<IfModule mod_proxy_balancer.c>
        <Location "/balancer-manager">
          SetHandler balancer-manager
          Order deny,allow
          Deny from all
          # Allow from local subnet only
          Allow from all
       </Location>  

       <Proxy balancer://mybalancer>
          BalancerMember http://localhost:8080/ route=route1
          BalancerMember http://localhost:8180/ route=route2
          ProxySet lbmethod=bytraffic
       </Proxy>

       ProxyPass /balance balancer://mybalancer/lbtest/
       #ProxyPassReverse /balance balancer://mybalancer/lbtest/
 </IfModule>

Also in my jetty.base/webapps/lbtest exists - I can access the same if I access http://localhost:8080/lbtest