I've always heard that if you are getting water condensation through your exhaust it means your engine is running good and efficiently. Who knows if it's an old mechanics tale or not.
This. Or, to put it another way, water is a product of the catalytic process. This is why modern OEM mufflers have a small drain hole in them--to allow this water to escape and thus significantly increase the lifespan of the muffler before it rusts.