Consent of Independent Auditors

We  consent  to the  reference  to our firm  under the  captions  "Experts"  and
"Selected  Financial  and  Operating  Data" and to the use of our  report  dated
February  13,  1996,  in the  Registration  Statement  (Form  S-1)  and  related
prospectus of Monterey Homes Corporation (formerly Homeplex Mortgage Investments
Corporation)  for the  registration of 212,398 warrants to purchase an aggregate
of 256,345 shares of common stock.

                                                          Ernst & Young LLP


Phoenix, Arizona
June 18, 1997