For hair loss on localized areas of the body, we have to consider skin conditions like seborrheic dermatitis and fungal infections. You have noted these to occur in the lower extremities. The location may suggest that a fungal infection is more likely. Fungal infections may not necessarily present as a red rash. They may present as light colored patches of skin in the area. Mild scaling may be noted. You may inspect the affected skin closely and see if mild scaling is noted. Skin scrapings from the affected skin may be obtained and microscopically evaluated.