It would depend a little bit on what Bing was doing. e.g. if it returned a 404 or 500 error, you could watch for that using cfhttp.statusCode.
Or if it still returns a bunch of XML, you could check for that being in the correct format.
Or just wrap the whole thing in a try-catch (usually a good idea when calling an external website anyway).
This code combines the first and last ideas.
<cfloop query="ListingShort">
<cftry>
<!---get the data back from Bing--->
<cfhttp url="http://dev.virtualearth.net/REST/v1/Locations/US/NV/#ListingShort.Zip_ Code#/#ListingShort.City#/#ListingShort.Street_Number#%20#ListingShort .Street_Name#?o=xml&key=AgM3wR0ojSpxYaJeh6WS7p2kcckECqVQ5HkrweFcZCcyOj E3mYVvIrF_WzbETMeb" timeout = "2" method="GET">
<cfif val(cfhttp.statusCode) EQ 200> <!--- will turn "200 OK" into 200 --->
<cfset xbinglocation = xmlparse(cfhttp.filecontent)>
<cfset lat=xbinglocation.Response.ResourceSets.ResourceSet.Resources.Locatio n.Point.Latitude.XmlText>
<cfset long=xbinglocation.Response.ResourceSets.ResourceSet.Resources.Locati on.Point.Longitude.XmlText>
<!---update the latitude and longitude fields--->
<cfquery datasource="square" name="addGeo">
UPDATE glvar_daily_bulk
SET Latitude =<cfqueryparam value="#lat#" cfsqltype="cf_sql_float">,
Longitude = <cfqueryparam value="#long#" cfsqltype="cf_sql_float">
WHERE MLS_Id = <cfqueryparam value="#ListingShort.MLS_Id#" cfsqltype="cf_sql_integer">
</cfquery>
</cfif>
<cfcatch type="any">
<cfoutput>Oops, an error on row ID = #ListingShort.MLS_Id#</cfoutput> <cfdump var="#cfcatch#">
</cfcatch>
</cftry>
</cfloop>