Maybe this is already a knowledge so forgive me if I am ignorant. Here is a description of my observation.
We have been ranking at the top of Google organic result for a keyword widget, with no location reference. What happened is that we would take up top 2 positions. I understand that this is clustered results, where the page that ranked No.2 is only "pulled up" to the position by the page that ranked No1. The true worthy position of the page was probably somewhere at the bottom of the page 1 result.
A few months back, Google started to display local listings for this keyword. What then happened is that our local listing (linking to home page) ranked No1 in the local result, but the home page disappeared from the natural result. The page that used to rank No.2 now dropped to either the bottom of page 1 or somewhere on page 2.
Please note that this local listing is a special type, because our structured data markup, such as review stars, Google+ circle number etc all displayed in the local listing, even the author photo.
My question is, is it correct to assume that the reason the home page no longer appears in the natural result was because the home page appears in the local listing? Do you have observations that proved the opposite?