That is correct. 24p is not supported in Premiere Elements.
For that, you'll need a professional editing app, like Premiere Pro or Sony Vegas.
You can download and install the custom project presets for Canon progressive camcorders. It will give you a 24fps project preset. It is intended for PPro2 but works in Premiere Elements:
That's great to know and thanks for posting the link.
PS - hope you had a wonderful holiday, dispite the weather. You were missed here.
Thanks to all for answering my question. And thank you Paul for the link.