Consent of Independent Auditors




We consent to the  incorporation  by  reference in the  Registration  Statements
(Form S-8 No. 33-38230 and Form S-8 No. 333-37859) 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 this Annual Report (Form 10-K) for the
year ended December 31, 1997.

                                           ERNST & YOUNG LLP


Phoenix, Arizona
March 20, 1998