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I would take it a step farther and suggest you find all common traits about your sites.
- Same server?
- Same Whois account owner?
- Same Webmaster Tools account?
- Same backend technology? (like wordpress or other CMS)
- Same Adsense or other ad network?
- Same look and feel or theme?
- Same niche market?
- Same type of site (articles, blogs, buying guides, ecommerce, etc) ...
@mhansen, your sites have the same problems like my sites (similar profiles etc.)?
Less then a month after those changes I started to go -500 , -300 , -150,... and then i settled at page 1-2 for multiple kwds . Took about 3 months all together to reach 1st page and than I started to build links again :)
This happened to us last year...It was duplicate content (bad coding) and took 3 months to recover. Got hit again this week and the timing could not get worse. Have not lost traffic because of the long tail search but lost rank in the top keywords which we were on the top. It could be over optimized, dup content or anchor text?
I've watched keywords climb from the 60's to the 50's and right when they get on the verge of breaking into the top 40... they drop to the end. Which tells me that without the re-ranking they would be somewhere near the top.