I know a few who use it with a negative connotation. If they don't like something they refer to it as "gay".
It's just immaturity or ignorant. They probably don't realize how it may offend gay people. I use to say it to my guy friends a lot and sometimes even girls but not any more. I'm only saying as the joke side of the point. I don't know about all seriousness.
Cos teens are gay as. They're so gay.
They would use it in this manner: <br />
Hey, havin s3x with 2 girls tonight... no homo ....<br />
Lets go to the gym... no homo....<br />
Lets grab some bottles and chicks......no homo...<br />
and the list goes on......<br />
you better watch this : (http://www.youtube.com/watch?v=ra5bELKQGh4)- learned it from here.
Is there something more to this question? I do not think teens are obsessed with the word gay.
When I was a teen it was "sad"