Consent of Independent Auditors

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


                                                    Ernst & Young LLP


Phoenix, Arizona
March 27, 1997