The other day I opened my project and found that all the text styles were missing. I do not kno what happened because I used them in my previous project. They just seemed to disappear.
I found a solution and I though I would share it with you in case anyone else hits this problem.
Go to your Documents Folder and then go to Adobe/premiere Elements/7.0/styles.
Delete the file workingset.
When you start PRE7, the styles will automatically get created.