Firstly it would be better if you can post a link to your website so we can see/help/suggest better but anyway read below as it could be many causes why you cant see thumbnails.
Ok if you cant see thumbnails for newly created articles then i believe it is imagemagic or gd or whatever it is using in your server to convert images is not functioning or where the thumbnails supposed to be written does not have write permission therefore cant write to the folder for new files ( thumbnails )
Firstly find another article from frontpage where there is a thumbnail.
View the image ( in Firefox right click > view image ) and check where the thumbnail is in your joomla installation as in which folder it is in.
Using The World News 2 as an example from following link.
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http://demo.gavick.com/joomla16/jul2011/
Article Title: Wimbledon 2011: Novak Djokovic's win
Thumbnail Location:
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/modules/mod_news_pro_gk4/cache/k2.items.cache.4965657af186b9092c7a96976ffe881c_Lnsp_154.jpg
Article Image Location:
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/media/k2/items/cache/71f67488b0857639cee631943a3fc6fa_L.jpg
So cache folder for thumbnails which you see in frontpage is
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/modules/mod_news_pro_gk4/cache/
So make sure this folder is writable...