Deacon Greg has a post up on the possibility:

The mystery centers on a consecrated host that the Rev. John Echert of St. Augustine Church said fell to the floor last month during Holy Communion and turned “blood red” after being placed in a cup filled with water. It has yet to fully dissolve, he said.

“It was notable enough that, clearly, it was some phenomenon and not the ordinary way in which a host would dissolve…that we’re familiar with,” Echert said. Continue reading….

While I believe in miracles, I tend to be a skeptic. The Eponymus Flower has more information including a possible scientific explanation.