An apparatus for estimating properties of an earth formation includes a carrier connected to a drilling assembly, and a sensor assembly configured to measure at least one return flow parameter of a return fluid at a surface location, the return fluid returning to the surface location from a borehole. The apparatus also includes a processor configured to perform receiving one or more return flow parameter values for a period of time after injection of fluid is stopped, analyzing the one or more return flow parameter values to identify a ballooning event, in response to identifying the ballooning event, estimating at least one of a location and a property of one or more fractures in the formation, and performing one or more aspects of at least one of the drilling operation and a subsequent operation based on at least one of the location and the property of one or more fractures.