Simone resigns

March 14, 2009|By Lorraine Mirabella | Lorraine Mirabella,lorraine.mirabella@baltsun.com

Real estate agent Vito Simone resigned yesterday as president of the Greater Baltimore Board of Realtors to focus on resolving a personal bankruptcy case in which he and his wife list $3.9 million in debt.

"There have been many circumstances in these economic times of great uncertainty that have affected so many in profound ways, including me and my family," Simone said in his resignation letter. "Recent events require me to step aside and focus on the needs of my family."

David McIlvaine Sr., a broker with Keller Williams Select Realty in Ellicott City and president-elect of the Realtors board, automatically becomes president, said Joseph T. "Jody" Landers III, GBBR executive vice president.

Much of Simone's debt to 66 creditors stems from several real estate companies and from residential rehab projects in areas such as Baltimore's Reservoir Hill caught up in the housing market slowdown.

"These unfortunate events highlight how difficult this real estate market has been and remind us all of the financial difficulties that are being faced by many families, friends and colleagues both within the real estate industry and beyond," a GBBR statement said.

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