A COMMERCIAL HOT AIR BALLOON; A CAMERON N77; FLEW LOW OVER A CROWD AT A RACEWAY. THE FAA WAS IN ATTENDANCE.

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FLT SVC BRIEFING INDICATED WINDS VARIABLE AT 7 KTS IN VICINITY OF ROCKINGHAM. OTHER RPTING STATIONS IN THE AREA ALSO RPTED VARIABLE WINDS WITH SPDS FROM 7-11 KTS. FORECAST WINDS WERE VARIABLE 330-020 DEGS AT 8 KTS. ON SITE OBSERVATIONS SHOWED ACTUAL WINDS ESTIMATED AT 5 KTS VARIABLE; AND DECREASING IN SPD. MY FLT PLAN WAS TO FLY OVER THE RACEWAY AT THE START OF THE AUTOMOBILE RACE. HAVING PERMISSION TO USE THE TRACK PROPERTY; I PLANNED TO LAUNCH N OF THE RACEWAY; FLY OVER; AND LAND ON TRACK PROPERTY JUST S OF THE FACILITY. THE FLT WAS PLANNED FOR NO MORE THAN 10-15 MINS IN DURATION. I SELECTED A LAUNCH SITE ADJACENT TO THE TEMPORARY RWY. I CARRIED AN OPERATING HAND-HELD ACFT RADIO. I ESTIMATE WINDS AT TIME OF LAUNCH TO BE 360 DEGS AT APPROX 3 KTS. I NOTIFIED AIR TFC OF MY LAUNCH; AND OF MY INTENTION TO FLY OVER THE RACEWAY AND TO THE S. I INITIATED AN ASCENT TO CLB TO 1000 FT AGL. WITHIN THE FIRST MINS OF THE FLT; I NOTED THE WIND SPD HAD INCREASED. I NOW REALIZED IT WOULD BE DIFFICULT TO CLB TO 1000 FT AGL; AND THEN DSND INTO MY PLANNED LNDG AREA S OF THE RACEWAY. PRIOR TO THE LAUNCH; I INSTRUCTED MY RECOVERY CREW TO DRIVE TO THE S PARKING LOT AND TO BE PREPARED TO ASSIST IN MY LNDG. MY CREW WAS ON THE PROPERTY; MOVING TOWARDS MY INTENDED LNDG AREA. HAVING REACHED AN ESTIMATED ALT OF 500 FT AGL; I STARTED A DSCNT TO MY PLANNED LNDG AREA. MY INITIAL DSCNT RATE WAS TOO FAST AND I CORRECTED IT ABOVE THE TRACK. I CROSSED OVER THE RACEWAY AT LESS THAN THE REQUIRED MINIMUMS; WHILE ON APCH TO MY LNDG AREA. I LEVELED OFF ABOVE THE TREES BEHIND THE PARKING AREA; AND PREPARED TO LAND. MY BALLOON EXPERIENCED THERMAL ACTIVITY; AND BEGAN TO CLB AT APPROX 500 FPM. I ABORTED THE LNDG; AND FLEW FURTHER S TO INITIATE ANOTHER LNDG. THE THERMAL TOOK MY BALLOON TO AN INDICATED 950 FT AGL; AT WHICH TIME IT LEVELED OFF. I CONTACTED AIR TFC ON UNICOM AND ADVISED THEM I WAS CLR OF THE RACEWAY AREA; AND THAT I WOULD PROCEED S TO A FINAL LNDG. I FLEW THE BALLOON APPROX 1/2 MI FURTHER S TO MY FINAL LNDG SITE WITHOUT ANY FURTHER INCIDENT. UPON PACKING UP THE BALLOON; 2 REPRESENTATIVES FROM THE FAA OFFICE APCHED ME IN THE LNDG AREA AND QUESTIONED ME REGARDING THE FLT. OVER-VENTING AFTER INITIAL CLB TO 500 FT AGL AFTER LAUNCH; AND THE ASSOCIATED DECISION TO ATTEMPT TO LAND IN MY PLANNED LNDG AREA; CONTRIBUTED TO MY FLYING ABOVE THE RACEWAY AT LESS THAN MINIMUM ALTS. CONTRIBUTING FACTOR IN THE ABOVE DECISIONS WAS THE INCREASE IN WIND SPD AFTER LAUNCH.