Adobe announced that the Creative Suite will no longer be available – so no CS7. Everything will be part of the CC or Creative Cloud subscription service. The enticement for those who use multiple Adobe products is that access to the entire suite will be less expensive than buying individual programs. In addition, upgrades will be replaced with a constant flow of updates, so your programs will always be current. Single program users will pay a lower rate. Here is the link to the Adobe Subscription page.
Adobe has not included Elements in the CC subscription service and will continue to sell Elements 11 at this time. They would not confirm or deny future versions of the program, but I suspect they will continue to sell the program and support it.