CONSENT OF KPMG PEAT MARWICK LLP

The Board of Directors
Monterey Homes Corporation:

We consent to  incorporation  by reference in the  Registration  Statement  (No.
33-38230 on Form S-8) of Monterey Homes Corporation  (formerly Homeplex Mortgage
Investments  Corporation) of our report dated February 21, 1997, relating to the
consolidated  balance sheet of Monterey Homes Corporation and subsidiaries as of
December  31,  1996  and the  related  consolidated  statements  of  operations,
stockholders' equity and cash flows for the year then ended which appears in the
December 31, 1996 annual report on Form 10-K of Monterey Homes Corporation.


KPMG PEAT MARWICK LLP


Phoenix, Arizona
March 27, 1997