EXHIBIT 23

                       CONSENT OF INDEPENDENT AUDITORS

   We consent to the  incorporation by reference in the  Registration  Statement
(Form S-8 No.  33-38230) of Homeplex  Mortgage  Investments  Corporation  of our
report  dated  February 13, 1996,  with  respect to the  consolidated  financial
statements of Homeplex Mortgage Investments  Corporation included in this Annual
Report (Form 10-K) for the year ended December 31, 1995.

                                              ERNST & YOUNG LLP


Phoenix, Arizona
March 25, 1996