For last 24hrs I have not been able to find my site for main keyword dallas real estate or any other relevant keywords such as dallas condos, dallas lofts, dallas homes, dallas new homes, and probably 300 other combinations. Site has completely disappeared from Google.

Is there an update going on. I understand Google continuously updates, but I have never completely disappeared on this scale. What would cause this? Should I be worrying about penalty?

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Not yet... if you're not playing any games you'll most likely find your site back in it's original position in a day or a few. If you're really stressing about it you might use one of the data center tools to see where you lite across the board.

If you're missing on a bunch of them then you might start stressing a bit, but at this point... have a beer.

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OverSite.US | A Unique Web Directory
Real Estate Directory | A regional listing of quality real estate related web sites.
Tampa Bay Fishing | Seeks references from the area resource pages of quality local sites.

any suggestion on data center tools?

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I use McDar... http://www.mcdar.net/dance/index.php

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OverSite.US | A Unique Web Directory
Real Estate Directory | A regional listing of quality real estate related web sites.
Tampa Bay Fishing | Seeks references from the area resource pages of quality local sites.

From what I am personally experiencing, I dropped a few rankings today.

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Steve Castaneda, Realtor
Keller Williams Realty
The MyHomeHouston Team

Specializing in Houston Real Estate. Feel free to visit my Houston Real Estate Blog or read about Real Estate Technology for agents.