My impression is that some of the answers are seeing only "fantasy in modern times", and missing the epic part. A lot of the modern fantasy mentioned is about individuals in trouble, or sometimes touches on a city. To me, Epic means "whole world in peril" and "evil overlord" levels of battle.
Most of Charles De Lint's books are set here and now, yet only one I think really has the epic-sweep feel, and that's Moonheart. Yarrow and Someplace to be Flying come close in places, but I think if you're looking for "Epic" you mgiht find it's not what you're looking for. Ditto Tithe - which is a super wonderful book, but not really epic.
Rosemary Edghill started a series that seemed to be the sort of thing you're looking for - the first book, The Sword of Maiden's Tears, has the right world-in-peril, plot-coupon feel. The other two she actually wrote - they're weaker, and wander into the elves' world a lot (Book three is better than two, though). Then she dropped the series.
Susan Cooper's The Dark is Rising Series also has the right feel. I never finished Little, Big, so I don't know if Clintl is right.
Anyhow, I think it has been done, but not often. Usually Urban Fantasy moves into noir, or mystery, or literary, or something that differentiates it from epic fantasy by more than just setting.