I was tightening my chain yesterday. When i started to loosen the bolts on the axle carrier the rear end started to leak a light brown fluid where the carrier clamps down on the axle. Should I be concerned about this?

 

Rusty water coming from the carrier assy when you loosened the clamp? Water leaking past seals? Not a Honda guy,but might be time to check it out.Dirt Cheap Honda & Arctic Cat OEM Parts & Accessories – Cycle Parts Outlet

 

I agree with OPT. Your dust seals are probably toast, that fluid is most likely rusty water. If true, just get a kit to replace the bearings. OEM is great, but none of them last any longer than the dust seals. I usually throw in Pivot Works or All ***** as they will run you about half the cost of OEM and last almost as long. Replace them sooner rather than wait. If you wait you will be replacing the whole carrier.

 

The water is around the carrier, not in it. But check the bearings anyway. Lateral movement with the axle = toasted bearings.
Happened all the time when I would tighten the chain on my 400ex. When you back off the pinch bolts on the swinger the water that is trapped in the swinger around the carrier pours out.