Overnight the NYT wrote a gargantuan, 3,800-word piece titled “Chinese Cash Floods U.S. Real Estate Market” discussing the impact of Chinese buyers on the US housing market. There are just two problems with the NYT’s herculean effort: i) it is 5 years late in covering a topic this website has discussed extensively since 2010, and ii) it is wrong.

Recall that as we forecast in our take on a post-devaluation China in early September, with Beijing now actively cracking down on hot money outflows and instituting draconian capital controls, two things would happen: bitcoin – as China’s most recent preferred mechanism of circumventing capital controls – would surge (it did), and Chinese investment in offshore real estate would tumble.

It has.

Because while the NYT was writing an article titled “Chinese Cash Floods U.S. Real Estate Market” that should have been published in 2010, the WSJ came out with a far more accurate piece, titled the opposite of the NYT piece, i.e., “Chinese Pull Back From U.S. Property Investments” about how Chinese buyers are no longer the marginal buyer of high end US real estate.

Here, just as we predicted, is a summary of the state of the US housing market and the one key support pillar which is no longer there.

Winter is coming.

“We are ready to embrace a winter for Chinese buyers in the next one year, two years,” said Daniel Chang, a New York City-based broker at Sotheby’s International Realty. Mr. Chang, who sells properties in the $2 million-to-$10 million range, said about half of the clients served by his team are Chinese.

It also means the end of obnoxious, scripted “realty TV” shows about millionaire real estate agents .

Christina Shaw, a Realtor with Re/Max Fine Homes in Newport Beach, Calif., said one client who gave her a budget of $10 million to buy two houses in the area was now looking to reduce his budget by about one-third.