SCHEDULE 14A
                                 (RULE 14A-101)
                    INFORMATION REQUIRED IN PROXY STATEMENT
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                   HOMEPLEX MORTGAGE INVESTMENTS CORPORATION
                (Name of Registrant as Specified in Its Charter)
 
                                   IRA SOCHET
    (Name of Persons(s) Filing Proxy Statement if other than the Registrant)
 
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NEWS RELEASE                                   Ira Sochet
                                               5701 Sunset Drive
                                               Suite 315
                                               South Miami, Florida 33143

CONTACT:

Daniel H. Burch
MacKenzie Partners, Inc.
(212) 929-5500

FOR IMMEDIATE RELEASE:

      SECOND LARGEST HOMEPLEX STOCKHOLDER REVOKES PROXY -
MAY SEEK TO NOMINATE DIRECTORS IF COMPANY FAILS TO ACHIEVE QUORUM

MIAMI, FL, JUNE 12, 1995 -- Ira Sochet, the second largest stockholder 
of Homeplex Mortgage Investments Corporation (NYSE SYMBOL "HPX") 
announced today that he had sent a letter to Homeplex stating 
that he revoked any proxies for the Homeplex's Annual Meeting 
of Stockholders scheduled for June 13, 1995 that he had executed 
for his personal shares of Homeplex common stock. Mr. Sochet 
further stated in his letter that as a result of his decision 
to revoke his proxy, and the failure of other stockholders who 
reject management's slate to return their proxies, it is possible 
that a quorum will not be present at tomorrow's Annual Meeting. 
If a quorum is not present at the Annual Meeting tomorrow and 
the meeting is adjourned to a later date, Mr. Sochet stated 
that he may decide to nominate a slate of candidates for election 
to Homeplex's Board of Directors if time permits. Mr. Sochet 
indicated that if time does not permit or he decides otherwise, 
he may in the future seek to call a special meeting of stockholders 
for the purpose of electing directors.

     Mr. Sochet also stated in his letter that he still desired 
to meet with Homeplex's Board of Directors after the Annual 
Meeting to discuss his plan for maximizing stockholder value. 
Mr. Sochet also indicated that he preferred to work with Homeplex's 
Board of Directors rather than to engage in a proxy contest 
for the election of new directors.

     Mr. Sochet notified Homeplex in his letter that any proxy 
cards that he received would be voted in accordance with the 
proxy material that he had distributed. As previously announced, 
Mr. Sochet is soliciting Homeplex stockholders, asking them 
to withhold their vote for management's directors, in order 
to send a message that stockholders are dissatisfied with the 
performance of the Company.

     For 35 years Mr. Sochet has been a successful Wall Street 
investor. Mr. Sochet's strategy in the past has been to work 
with management of companies in which he has acquired a significant 
equity interest. Mr. Sochet is the second largest stockholder 
of Homeplex and beneficially owns 559,800 shares of Common Stock 
(approximately 5.8% of the outstanding Common Stock).