Consent of Independent Auditors



We consent to the use of our report dated April 15, 1997,  except for note 6, as
to which the date is July 1, 1997,  with respect to the financial  statements of
Legacy Homes,  Ltd.,  incorporated by reference in Registration  Statement (Form
S-8 No. 33-38330) and related Prospectus of Monterey Homes Corporation (formerly
Homeplex Mortgage Investment Corporation) filed with the Securities and Exchange
Commission.

                                                           /s/ Ernst & Young LLP

Dallas, Texas
September 8, 1997