I would say it is stress too. Peanut used to do this too. She'd have the underside of her front legs licked clean. Then later I'd see the hair growing back. So I asked the vet about it and he said it's probably stress, and whatever was stressing her stopped, so the hair grew back.

Glad to hear the hair is growing back, so maybe it was being in heat, or your friends, or maybe just the change of being in a home instead of on the street. I remember one time when Peanut was really bad was when I first moved in with Terry. Didn't seem like a real stressful time, but I guess just the change was too much for Peanut until she got used to the place.

Good luck, and I'm sure she'll settle down a bit more once she spayed.