That's what I was thinking. The outfit also made me think that it's possible that his mom or someone still picks his clothes, because I don't know many 12 year old boys who would bother color-coordinating for a holiday, especially if he were going to be hanging out with friends. If mom did pick what he was wearing today, surely she cares enough to report him missing?
On the other hand, how many kids do you think are out and about today wearing red, white, and blue? Maybe his parents have seen the description, think he's out on his own, and haven't yet put two and two together based on the news reports. It's after 10:30 PM there, though, so I'd think someone would be noticing his absence sometime pretty soon.
I REALLY hope that this is just some teens and preteens being dumb.