A dual color series-wired LED light string formed of a plurality of sockets, each of which receives an LED housing containing a pair of LEDs connected in anti-parallel configuration. Each LED socket includes a protective resistive component which is electrically connected across each pair of anti-parallel LEDs of the respective LED housing to protect each LED of the pair from reverse voltage breakdown damage in the event of a failure of the other LED in the housing. The protective resistive component also further serves as a shunt to electrically bypass a failed LED to keep the remaining LEDs in the light string fully illuminated.