CEDAR RAPIDS - The walls came tumbling down for one flood-damaged home in northwest Cedar Rapids on Wednesday. And if it wasn't the first residential demolition due to flooding...it was certainly one of the first.

Many homeowners in the hardest-hit areas are waiting for possible buyouts or other federal assistance before making decisions about demolition or rebuilding. But Dwight Walters had flood insurance and decided he wasn't going to wait and do nothing.

Walters said he knew within days of the June floods that he wasn't coming back to try and rebuild. "My wife said there was no way she was going to move back here--so that's it," he said.

Unlike many of his neighbors, Walters had flood insurance because he took out a home equity loan. That financial requirement gave him an option besides holding on and waiting for a potential buyout. The insurance paid for the home demolition and will pay off his outstanding mortgage.

That leaves him with a bare lot and nothing to show for 28 years of living in the two-story home at 1506 4th Street N.W. But since he had insurance, FEMA was not offering any additional assistance and he figured waiting wouldn't provide any more help.

"I don't think I would have--as far as assessed value of the home, I got that taken care of," Walters said.

Some commercial buildings have already come down. But Walter's demolition contractor believed this was the first home in the flood zones to actually get torn down.

The city of Cedar Rapids is still planning to demolish 50 flood damaged properties at taxpayer expense. That's because those homes are too dangerous to enter. But earlier bids were tossed out prompting one contractor to go to court. There's no word yet when a new round of bidding will start.