It had already collapsed when she said that. The report happened at approximately 5:30 PM EST, if memory serves correctly. They simply re-played their tape.

Sorry to disappoint, guys. I don't think this video is correct.

I downloaded the original aircheck from the Internet Archive, from http://www.archive.org/details/fox5200109111651-1733 and discovered that the sequence where the announcer says "we are just getting word from New York right now that another building has collapsed.." followed by the footage of WTC7 falling, occurs beginning at 34:52 into the file I downloaded.

The Archive says that this recording starts at 16:51:30 EDT, which means - assuming this timestamp is accurate - that this first report of WTC7's "collapse" was broadcast at 17:26:22 - if my math is right - well over 5 minutes AFTER the event.

The reliability of the Archive's aircheck timestamps was widely debated in the wake of the BBC's prior report of the collapse, and the consensus was it was pretty accurate. So the shot of WTC7 going down would indeed appear to be tape after the fact, not live, and hence this headline of FOX announcing the collapse prior to it happening does indeed appear to be false.

That doesn't take away, of course, from the fact that BBC, NBC, and CNN all certifiably reported the collapse prior to it happening, but this FOX footage is NOT another example of this phenomenon, clearly, reporting the event when you would expect them to, a few minutes after the fact.