Consent of Independent Auditors


We consent to the incorporation by reference in the Registration Statement (Form
S-8) 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 the
Annual Report (Form 10-K) for the year ended December 31, 1996.


                                              /s/ Ernst & Young LLP

Phoenix, Arizona
October 10, 1997