Red lights during a long exposure

Question:

When I take pictures at night (usually an exposure of >1 second) the red gets washed out and in extreme cases changes color and looks horrible. I've noticed that it doesn't matter what white balance I have or if I under/over expose the picture.

• Has anyone else noticed this?
• Is this a Nikon D80 issue only?
• Is there a technical term for this?
• Is there something I am doing wrong?
• Is this correctable (besides Photoshop)?

The example below is a cropped segment from a picture I took at night of a stoplight.

The original picture: