Like stuka said, the easiest solution is another water trap further down line.
The problem is that the water stays in vapor form as it travels through the trap, then condenses in the hose before being sprayed onto your model. Badger produces one that should be available at your LHS. (see http://www.badger-airbrush.com/access2.htm; ~2/3 down is a hose with the water trap mounted; the trap alone is ~4/5 of the way down). You didn't mention which hose you're using, but I use Badger's 10' braided hose; I had to cut it ~ 2' from the airbrush, and then splice in the water trap. The trap comes with a couple of "nuts" to secure the hose.