March home builder index unchanged

US builders say strict mortgage requirements in addition to job losses are stymieing some potential sales. (Damian Dovarganes/ Associated Press)

LOS ANGELES - A key gauge of home builders' confidence remained near historic lows in March, as builders saw a drop in prospective home buyers visiting model homes amid rising job losses and economic fears, according to a survey released yesterday.

The National Association of Home Builders/Wells Fargo housing market index stood at nine, one point off the record low hit in January.

Scores of employers have disclosed broad layoffs in recent months giving many would-be home buyers pause. Builders say strict mortgage requirements are stymieing some potential sales.

Builder confidence rose by one point in the Northeast to nine. The index remained unchanged from last month in the Midwest, South, and West.