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-l No.  333-29737) and
related  prospectus of Monterey Homes  Corporation  (formerly  Homeplex Mortgage
Investments Corporation) for the registration of 132,749 warrants to purchase an
aggregate of 160,214 shares of common stock.

                                                   ERNST & YOUNG LLP



Phoenix, Arizona
September 30, 1997