EXHIBIT 23(c)

                       CONSENT OF INDEPENDENT ACCOUNTANTS


The Board of Directors
Monterey Homes Corporation
Monterey Management, Inc.
Monterey Homes - Tucson Corporation and
Monterey Management - Tucson, Inc.


         We consent to the use of our report on the combined financial
statements of Monterey Homes Corporation, Monterey Management, Inc., Monterey
Homes - Tucson Corporation and Monterey Management Tucson, Inc. as of December
31, 1994 and 1995 and for each of the years in the three-year period ended
December 31, 1995, included in the Homeplex Mortgage Investments Corporation
Registration Statement (Form S-4) and the related proxy statement/prospectus
and to the reference to our firm under the heading "Experts" in the Homeplex
Mortgage Investments Corporation Registration Statement (Form S-4) and the
related proxy statement/prospectus.



                                        KPMG PEAT MARWICK, LLP

Phoenix, Arizona
November 8, 1996