Loren Baker over at SearchEngineJournal.com announced that Matt Cutts had confirmed the PageRank update that happened last week was ‘primarily’ a response to link selling. No additional information was provided except that Google would be continuing to look “at additional sites that appear to be buying or selling PageRank.”
If your sites’s PageRank was damaged by this update Loren suggests taking a close look at your site and ironing out any wrinkles before asking for reconsideration via Google’s Webmaster Tools. Be CERTAIN that your website is wrinkle free otherwise you may get yourself in hotter water if you tell Google to give your site special attention.
Remember that it is always wise to wait for the fallout to clear before making any considerable changes to your website in response to a search engine update. Often we find that when search results stabilize many falsely affected websites are automatically reinstated - at least partially. Here’s hoping that the same happens this time around.