Consent of Independent Auditors


We consent to the  reference to our firm under the caption  "Experts" and to the
use of our report dated February 13, 1996, in the  Registration  Statement (Form
S-3) of Monterey  Homes  Corporation  (formerly  Homeplex  Mortgage  Investments
Corporation) for the registration of 2,509,662 shares of its common stock.

                                             /s/ ERNST & YOUNG LLP


Phoenix, Arizona
July 6, 1998